G4S, a UK-based security company that traditionally specializesĀ in cash storage for large institutions, has officially moved into cryptocurrency by offering a new offline vault storage service.

According to the announcement, G4S has developed a security platform that combines consulting and cold storage offerings, which leverages multiple layers of security and robust protocols. G4S notes that its services are intended to address the rampant crypto robberies, which saw more than $1.1 billion stolen in the first half of this year.

“Our security solution is built on a foundation of ‘vault storage’. We not only take the assets offline, but break them up into fragments that are independently without value and store them securely in our high-security vaults, out of reach of cyber criminals and armed robbers alike,” saidĀ Dominic MacIver, a Senior Risk Analyst at G4S Risk Consulting.

G4S states it charges for how many different offline storage devices clients wanted to use to store their private keys, and that it is already providing this service to an unnamed cryptocurrency exchange based in Europe.

This marks the entrance of another major publicly traded company into the cryptocurrency space, building off the momentum of this week’s announcement thatĀ Financial services giantĀ Fidelity Investments, which manages more than $2.6 trillion in client assets, will offer institutional-grade custody and trade execution services for digital assets.

šŸš€  Justin Sun: TronDice Has Already Paid Out 200 Million TRX
More:Ā G34 Announcement
Related:Ā Fidelity Launches Its Own Crypto Company: Fidelity Digital Assets

Disclaimer: This articleā€™s author has cryptocurrency holdings that can beĀ tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.