IBM Will Enter The Crypto Custody Market This Month

IBM Will Enter The Crypto Custody Market This Month

Shuttle Holdings and IBM have partnered to launch a custody solution for digital assets this month. 

New York investment firm will launch a crypto custody that is built on the IBM’s private cloud and security encryption solution. However, the custody will not store cryptocurrencies or tokens, but they will have associated solutions from third-party companies.

As Brad Chun, Shuttle Holdings’ CIO, said in a recent interview that the company has “a list of selected clients that we are launching limited service with this month.”

The Shuttle and IBM service will not be open “to the public yet, and there is a wait list to get into our beta,” Chun affirmed. 
The move is a statement of intents from IBM as the company is getting more involved in the digital asset space following the development of the Hyperledger Fabric private blockchain for enterprises.

Back to the custody service, IBM-Shuttle service will not be a cold storage, but a hardware security module which works like a lockbox to all digital keys that combines availability with security.

It will be an ecosystem that is more secure than the cold storage versions. Just think that the HSM solution works on a purely electronic process, making it much faster.

That being said, IBM and Shuttle are open to exploring other options as providers for its product if they find it better than their proprietary network.

“We focus on the entire solution, not just the HSM,” said Chun. “If the HSM offering from Gemalto is better than what we are using, I would be happy to talk to them and incorporate them into our plans.”

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