Major UK Security Firm Offers Crypto Storage

G4S, the leading security outsourcing company in the UK, is joining the “Wild West” of cryptocurrencies with its newly launched digital secure vault storage for cryptocurrency assets, Financial Times reports. The lack of a proper custody solution hinders the growth of the crypto industry whose reputation has been tainted by numerous security breaches. Earlier, U.Today revealed that cryptocurrency theft had already surpassed $1 bln in 2018.     

However, with its high-security offline storage, G4S is supposed to offer a robust protection from criminals. The technology breaks down the private key into numerous segments that are later stored in vaults with top-notch security.

An unnamed cryptocurrency exchange is reportedly already using G4S’s custodian service.