Vo1t, a cold storage custody provider, has partnered with IBM to offer its clients secure private key storage and encryption.
The new option, namely IBM Hyper Protect, ensures that the keys of the clients are secure even if the data centers of Vo1 t are exposed.
Access Data Center On The Go
The data center can be installed on the company’s premises or remotely accessed from a client’s computer at home or anywhere; the enclave keeps the data encrypted, whether in transit or in memory.
“Having this means our clients get to sign with their key in a separate transaction with IBM,” said Sebastian Higgs, general manager at Vo1t.
Vo1 t, the London-based firm, whose name will remind clients of a bank vault, offers 35 digital assets for custody, lending, staking and trading items. It has been providing cold storage to companies listed on the Financial Times Stock Exchange, trust firms and other financial institutions worldwide since 2017. This advertises a withdrawal time of 45 minutes for assets held in cold storage.
Despite that custody was only the prerogative of portfolio providers and crypto exchanges, banks and other major companies target institutional investors who are increasingly interested in cryptocurrency investments.
“We’ve been looking at the digital custody space and how we could make our servers and our cloud platform be a killer value proposition for this specific market,” said Rohit Badlaney, director of IBM Z as-a-Service.
What is Cryptocurrency Custody?
According to Investopedia, Cryptocurrency custody solutions are independent storage and security systems used to hold large quantities of tokens. Custody solutions are one of the latest innovations to come out of the cryptocurrency ecosystem and have been expected to herald the entry of institutional capital into the industry.
Similarly, Binance said it will announce a new product called ‘ Binance Cloud ‘ within 10 days, CEO Changpeng Zhao said, in a revealing’ Ask Me Anything’ (AMA), under his direction, pointed at a new line for the big cryptocurrency exchange.