How Standard Chartered Protects Crypto Assets with a $36m Solution

John, a young entrepreneur, had made his fortune in the cryptocurrency world. He had been an early investor in Bitcoin and had been savvy enough to diversify his portfolio over the years. He had reached a point where he had amassed millions of dollars worth of digital assets. However, he was always worried about the security of his investments. He had heard of horror stories of people losing their digital wallets and their funds being irretrievable. He could not afford to lose his fortune, and he needed a solution to protect his assets.

That's where Standard Chartered's Crypto Safeguard Service came into play. The banking giant had recently launched a new service that aimed to provide a secure and reliable solution for financial institutions and high net worth investors looking to invest in digital assets. The new service had raised $36m in a recent funding round, and John was eager to find out more about it.

What intrigued John the most was the fact that the new service offered a multi-signature mechanism. This meant that multiple parties would need to sign off on any transaction before it could be executed. The system provided an additional layer of security that made it virtually impossible for anyone to steal his funds.

Real-Life Examples of Crypto Theft

John's fears were not unfounded. Over the years, there have been several high-profile cases of individuals and businesses losing their digital assets due to hacks and thefts. One such incident was the theft of $450m worth of cryptocurrency from a Japanese exchange called Coincheck in 2018. Another example was the infamous Mt. Gox hack in 2014, which resulted in the loss of over 850,000 Bitcoins, worth around $473m at the time.

The Main Companies behind the Service

The new safeguard service was a joint effort between Standard Chartered and Northern Trust, a financial services company for institutional investors. The service was built by Zodia Custody, a joint venture between Standard Chartered and Northern Trust that aimed to provide a secure custody solution for digital assets.

Zodia Custody uses advanced security features that include biometric authentication, hardware security modules, and multi-signature mechanisms to protect its clients' funds. The new service is expected to attract high net worth investors and financial institutions that have been hesitant to invest in digital assets due to security concerns.

Conclusion

1. Standard Chartered's Crypto Safeguard Service provides a secure and reliable solution for financial institutions and high net worth investors looking to invest in digital assets.
2. The service offers advanced security features, including biometric authentication, hardware security modules, and multi-signature mechanisms to protect its clients' funds.
3. The new service is expected to attract high net worth investors and financial institutions that have been hesitant to invest in digital assets due to security concerns.