World’s Largest Security Firm to Offer Offline Vault Storage for Cryptocurrencies
Security Giant G4S has recently announced its plans to offer high-security offline cryptocurrency vault storage services. The company celebrated the success of the emerging crypto market in a recent press release, and is hoping to offer holders protection from the ‘Wild West’ of crypto.
G4S’ Goals in the Crypto Industry
G4S begins the press release by praising the crypto industry for evolving from a “niche dream for idealistic computer scientists’”into something increasingly accepted by the mainstream. However, the company warns, “For people and companies around the world the opportunities created by this are broad, but, inevitably, so is the appeal to criminals.”
Indeed the lack of government regulation along with the prevalence of cybercrime appear to be the greatest setbacks in cryptocurrency reaching greater mainstream adoption. G4S points out that over $1.2 billion in crypto has been estimated to have been stolen since the beginning of 2017, including the $500 million dollar hack of Japanese cryptocurrency exchange Coincheck in January of this year. However, G4S recognizes the times we’re living in as an exciting opportunity to provide its state-of-the-art security services to a market that could use the increased protection.
“Our clients approach us to discuss solutions to their requirements because of G4S Cash Solutions’ experience in protecting high-value items and G4S Risk Consulting’s experience in developing bespoke solutions to complex challenges,” said Dominic Maclver, Senior Risk Analyst at G4S Risk Consulting. “Working with our clients, we are continuously applying their expert knowledge of crypto-assets and our best practice in physical security to a sector at the cutting edge of financial technology.”
G4S is considered a world leader and expert in secure payment solutions. The company reports to have carried out extensive research to understand how people around the world make financial transactions. This research was published in the G4S’ first ever World Cash Report, which “highlighted that despite the global rise in card, digital and mobile transactions, cash use is still growing and it remains hugely important and widely used by people on all continents.”
However, G4S considers the world of cryptocurrency to be an entirely different entity than that of conventional cash. It’s a new form of money that has only been in existence since 2008.
“The original goal of cryptocurrencies was to redesign the fundamental architecture of money” said Maclver. “Although some early adopters have made enormous returns, the sector has attracted the same old threats for financial systems, including robbers, scammers, market manipulators and many others. Our innovative security solution helps protect against some of those threats by taking the assets offline and storing them in high-security vaults. This gives people and businesses peace of mind to trust that their crypto-assets are secure.”
G4S’ new safe offline vault storage is built upon the trusted offline storage methods already well established in the cryptocurrency community. However, these methods still have their shortcomings, most obviously when criminals commit violent robberies and kidnappings to pressure holdings out of investors. G4S, therefore, is planning to take traditional offline storage to new heights of security.
“We not only take the assets offline, but break them up into fragments that are independently without value and store them securely in our high security vaults, out of reach of cyber criminals and armed robbers alike,” Maclver explained. “Access to these sites is heavily restricted with multiple layers of security and robust protocols, and only when all the fragments are combined with specific technology can they unlock access to the value stored within.”
Maclver closes out the discussion with a summary of what G4S is hoping to accomplish:
“It has been a justified cliche to describe the cryptocurrency space as a Wild West. Working with our clients, our innovative vault storage concept offers the highest protection to keep people and their assets secure and bring order to the frontier.”
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