Investors require a private key to access their wallet with crypto assets, and it must be protected in a way that it cannot be hacked. Many people store their key on what’s known as a cold storage device, such as a USB stick, which can be physically removed from the internet, but this has the disadvantage that the USB stick can be lost forever – and with it, access to the assets.
The solution from Crypto Storage AG and Securosys SA makes it possible to store private keys on a dedicated system: a redundant, enterprise-grade hardware security module (HSM) cluster. According to a joint statement, their storage solution is the most secure in the world. Developed with a new security paradigm, all transactions are independently reviewed and approved on dedicated tamper-proof hardware.
The platform is currently undergoing rigorous testing with pilot customers and is expected to go into full operation next month. The two companies are now in negotiations with Swiss banks interested in implementing the solution. It can store several digital currencies, and new ones will be added on a regular basis.
Crypto Storage AG belongs to Crypto Finance AG, which was founded in Zug in 2017 and aims “to make a positive contribution to the spread and establishment of blockchain technology and crypto assets”. Securosys AG, which is headquartered in Zurich, is a technology company that secures data and communications.
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