Security Firm G4S Joins Goldman Sachs and Bakkt as New Crypto Custodian
British Security Firm, G4S Enters Crypto Sector With New Custody Solution
Security has been the most debated topic when it comes to the cryptocurrency sphere, as exchanges incurred several losses due to hacks and theft. For this reason, many have since argued that a custody solution is needed, one to tighten security, and two, to bring in new institutional money that the market needs.
Many firms have decided to come up with their own custody solutions, some of which include ICE’s Bakkt, Goldman Sachs and Coinbase. According to a News BTC report, which referenced, Financial Times, a familiar firm has joined the list of solution providers, and it is none other than British multinational security services provider, G4S.
Commenting on this new endeavor is Dominic Maclver, who serves as a Senior Risk Analyst at G4S. According to Maclver, the crypto sphere is in danger of the same risks that traditional financial systems are typically prone to, which include “robbers, scammers, market manipulators and many others.” Furthermore, he trusts that G4S’s “security solution” is surely to prevent risks. It seems like their approach in preventing crypto risks involves “high-security vaults” storage.
While it might be interesting to see a traditional firm like G4S get itself involved within the crypto sphere, it is a well fit considering that the firm emphasizes in security in various services like risk consulting, systems integration, security products and guards.