IBM's public cloud is secure enough to attract crypto custodians.
Announced Tuesday, Singapore-based custody provider Onchain Custodian has released the latest version of its hardware-based vault, hosted entirely on Big Blue's banking-grade public cloud.
Previously, IBM has offered cloud services to digital asset custodians on a hybrid basis, where certain servers guarding private encryption keys are held on-premise by the custodian, with other services run from data centers that are rented out and in remote locations.
This is the first time a custodian has felt comfortable outsourcing the entire key management and storage process to IBM's public cloud.
"Onchain has been using a pure public cloud model from day one," said Rohit Badlaney, executive director of IBM Z Cloud.
IBM itself has no access to private keys created and stored on its HyperProtect cloud.
Alexandre Kech, chief executive and co-founder of Onchain Custodian, said guarding keys in your own custom-built vaults might intuitively appear to be the safest method, but this isn't necessarily the case.
Onchain went live with a cold-storage-only v1 of its custody solution back in April 2019.
Onchain has managed to snag insurance from Lloyd's of London for its HSM-based "Warm" offering, a further positive sign from the London insurance market, following the recent announcement that Lloyd's has officially begun backing hot-wallet insurance policies.
Kech said Onchain used Lockton as its broker and found two Lloyd's underwriters supporting the policy.
IBM's Public Cloud Is Secure Enough for Crypto Custodians
Publié le Mar 3, 2020
by Coindesk | Publié le Coinage
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