In the recent Think 2019 Conference, IBM made an announcement of the new crypto venture they will be entering. IBM is one of the most influential company when it comes to technology and it is entering a new venture into the crypto world. In a joint effort with Shuttle Holdings, IBM tries Blockchain entry with the launch of their crypto custody business.
What is Crypto Custody
Crypto custody secures and protect crypto assets like the bitcoin and Etherium. Before, Crypto-ccustody was primarily handled by E-wallets and Exchanges. Recently, security firms and tech companies have been entering the custody market in preparation for the entry of institutional investors into the crypto-market. In lieu of this, IBM believes that security is at the top of the mind of investors and the crypto-custody venture will ensure secure transaction and keeping of these assets.
IBM Set Launch Trial into Crypto Custody
The Crypto-custody trial begins in late march and will be housed in IBM’s cloud. It will also be powered by the industry leading encryption technology from IBM, the IBM by Linuxone. It is widely considered as one of the most secure platforms in the market today.
Some of the potential users of IBM’s crypto custody trial are financial institutions like banks, investment funds specializing in crypto assets, and even high net individuals foraying into the industry.
IBM Tries Block Chain
This is not the first time IBM has invested in the crypto market. They have worked with block chain companies like Stellar Foundation. IBM has also developed platform Hyperledger Fabric which is a private blockchain on an enterprise level. According to Chief Technical Officer and head of their cloud security, Nataraj Nagaratnam, they already have selected client waitlisting to get into their product. “The service is not open to the public yet and there is a wait list to get into our beta.”, he adds. They do want to make sure their product is out before the next bull-run occurs.