RATE Group | G4S muscles into cryptocurrency security with offline storage facility
45992
post-template-default,single,single-post,postid-45992,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

G4S muscles into cryptocurrency security with offline storage facility

18 Oct G4S muscles into cryptocurrency security with offline storage facility

Posted at 09:12h in Cryptocurrency News by

[ad_1]

G4S has muscled its way into cryptocurrency storage launching a new security service to protect assets from criminals and hackers.

The security firm has launched the service after estimates showed more than $1.2bn of cryptocurrency has been stolen since the beginning of 2017.

More than $500m was taken earlier this year from Japanese exchange Coincheck.

Read more: The emergence of micropayments and impact of cryptocurrencies

The FTSE 250 company, which runs prisons and detention centres as well as storing cash, has developed an offline storage facility to secure cryptocurrency in high security vaults.

“We not only take the assets offline, but break them up into fragments that are independently without value and store them in high security vaults, out of reach of cyber criminals and armed robbers alike,” senior risk analyst Dominic Maciver said.

Only when all the stored fragments are brought together can the value of the cryptocurrency be accessed.

Maciver said cryptocurrency had…

[ad_2]

Source link

Tags:
, , , , , ,