It’s no secret that the cryptocurrency industry has a checkered history with unbelievably audacious heists. And now, Shuttle Holdings and IBM have announced the launch of a new HSM-based security solution to mitigate this problem.
The system, which has been extolled as a paradigm-shifting innovation, will launch towards the end of March and targets the crypto custodial industry. Starting in beta mode, only a few select companies will have initial access.
The technology has been designed to provide a lockbox environment for private keys while allowing clients to have easier access to their cold wallets.
The report lists cryptocurrency custodians, banks, brokers, exchanges, and high net worth crypto investors as potential clients. IBM’s chief technology officer (CTO), Nataraj Nagaratnam, and Shuttle Holdings Chief Investment Officer Brad Chun had previously introduced the concept during the recent Think 2019 conference which was held in San Francisco.
So, What Is an HSM?
A hardware security module (HSM) is a secure,…