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
에 게시 됨 Mar 3, 2020
by Coindesk | 에 게시 됨 Coinage
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