Blockstream Launches Institutional Bitcoin Custody Solution
Blockstream has launched a new institutional digital asset custody solution developed with French technology group Thales.
Live market snapshot (at publish): BTC $63,957 (-6.1% 24h)
The solution aims to provide simpler, offline security systems to protect Bitcoin against increasingly sophisticated cyberattacks, such as the Binance hack, which resulted in a loss of > $6.3 million. According to Adam Back, co-founder and CEO of Blockstream, current security protocols, such as MPC, are complicated and hard to secure, making them unsuitable for cold storage settings.
"When people talk about MPC, they’re talking about some very esoteric and complicated protocols that are hard to secure and are very interactive. So you can’t really use them in a cold storage setting." — Adam Back, co-founder and CEO, Blockstream
The new custody solution is designed to address these concerns and provide institutional investors with a secure and reliable way to store their Bitcoin assets. With the rise of cyberattacks, such as the Liquid hack, which resulted in the theft of > 600 BTC, the need for robust security systems has never been more pressing.
The partnership between Blockstream and Thales brings together the expertise of two leading companies in the field of security and cryptocurrency. Thales, a French technology group, provides advanced security solutions, while Blockstream, a Bitcoin infrastructure company, has extensive experience in developing Bitcoin-related products and services.
As the cryptocurrency market continues to evolve, the demand for secure and reliable custody solutions is expected to grow. Blockstream's new institutional digital asset custody solution is well-positioned to meet this demand and provide institutional investors with the security and peace of mind they need to invest in Bitcoin.
The launch of this new solution is a significant development in the cryptocurrency space, and its impact will be closely watched by investors and industry experts alike. As the market continues to mature, the need for robust security systems will only continue to grow, making solutions like Blockstream's new custody solution increasingly important. Watch for further updates on the adoption and impact of this new solution in the coming weeks.
Frequently Asked Questions
- What is the main goal of Blockstream's new custody solution?
- To provide simpler, offline security systems to protect Bitcoin against increasingly sophisticated cyberattacks.
- Who is partnering with Blockstream on this project?
- Thales, a French technology group.
- What is the current threat to Bitcoin security?
- Increasingly sophisticated cyberattacks, such as the Binance hack, which resulted in a loss of $6.3 million.