Oct 17, 2018

G4S branches out into cryptocurrency storage

G4S, the UK security company, has launched its first foray into the nascent crypto sector with a new digital currency storage service. G4S said it had already started providing the service to an unnamed cryptocurrency exchange based in Europe. In May, Nomura said it was developing custody services, while Goldman Sachs, Northern Trust and JPMorgan Chase have said they are exploring similar services. The new G4S "Secure vault storage" service, which will be available globally, uses technology to break up the digits of a private key into fragments. G4S said it would charge clients based on how many different offline storage devices they wanted to use to store their private keys, and that it would use its own existing vaults for the service, rather than building new facilities.

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