Shuttle Holdings, an investment firm from New York, will soon launch an initial version of its cryptocurrencies custody solutions, the application is built on IBM’s encryption technologies and private cloud.
Both IBM and Shuttle Holdings won’t be storing tokens or cryptocurrencies themselves, instead, they will offer tools for other companies to do the same. Shuttle’s chief investment officer, Brad Chun, said that banks, high net worth investors, brokers, family offices and custodians are the potential clients who are likely to be interested in self-custody.
Chun also said, “We have a list of selected clients that we are launching limited service with this month. The service is not open to the public yet and there is a waitlist to get into our beta.”
At “Think 2019”, IBM’s conference in San Francisco showcased the company’s solution, calling crypto storage a prime use case for Big Blue’s cloud. Nataraj Nagaratnam, IBM’s director of cloud security and CTO talked about this idea in last months conference that took place in San Francisco
Nagaratnam said, before welcoming Chun onstage, “What better example than taking a financial technology that is changing the world. Look at digital assets; how do you secure the data? … [This is] top of mind for a lot of people in the financial industry.”
While IBM referred most its questions to Chun, IBM’s Rohit Badlaney, director of “Z As a Service” cloud solution, talked about IBM’s involvement in the forthcoming Digital Asset Custody Service (DACS).
Bedlaney told the press through a spokeswoman that “for DACS, the on-premise pervasive encryption capabilities offered by IBM LinuxONE was a key differentiator in choosing IBM as the most secure platform for their offering.”
The application release suggests that IBM is wading further deep into the cryptocurrency and token space. Right after building the Hyperledger Fabric private blockchain for companies and recently working further deep into cryptocurrency through its work with the Stellar Foundation suggests the companies interest in the blockchain industry.
While crypto custody was once the preserve of wallet providers and crypto exchanges, the promise of institutional investment entering the digital assets space has prompted a race to come up with safe, industrial-grade solutions that are also familiar in terms of usage to these large players.
What are your thoughts about an application for crypto custody? Let us know in the comments.