Guardtime And Metaco Jointly Launch New Cryptocurrency Asset Management Solution
Data security company GuardTime seems to be adopting the blockchain movement following its recent partnership with a blockchain startup called Metaco to launch a cryptocurrency asset management product called Silo.
The two companies unveiled Silo during an event held in Geneva this week. They introduced it as an asset management product that is designed to offer a storage solution that is ideal for investors. The product features a combination of "anti-tamper" hardware created by GuardTime and software provided by Metaco.
The new asset management solution is being marketed as an ideal way for investors to safely secure their assets. This means that it is particularly aimed at the banking and finance industry. Silo is one of the latest products to grace the banking and finance market over the past few months and perhaps it is due to the growing popularity of cryptocurrencies. It is also due to the fact that people have been classifying and trading them as assets.
Metaco’s Chief Financial Officer Adrien Treccani had this to say about the new product: “SILO, built exclusively for financial firms, solves this problem and allows individuals to trade cryptocurrencies with true peace of mind while extending the role of banks as custodians into the future.”
Treccani also pointed out that Silo has been launched to address some of the issues that have been affecting cryptocurrency and cybersecurity as a whole, such as the hacks and scams that have been taking place in the industry. The launch also marks the first time that GuardTime has dipped its feet into blockchain technology which is considered one of the greatest breakthroughs of this century. The company has been known to engage in partnerships that allow it to explore the tech world. It has previously been involved in high-profile partnerships with organizations such as the U.S Navy and it has also teamed up with companies such as Erricson.
The launch of the new asset management product also highlights the increasing need for more secure alternatives especially for the holders of cryptocurrency. Bitcoin itself cannot be hacked but numerous wallet services and exchanges were reported to have been hacked over the past few months, leading to the loss of wealth. A popular Canadian financial institution called Versabank also recently announced the launch of its digital asset vault called Versavault which can be used to store digital assets such as cryptocurrencies.
The idea of using cryptocurrency as a store of wealth came about with the launch of Bitcoin a few years ago. Those who invested in the cryptocurrency back then and held on for years were able to make overwhelming gains and as a result, many people have been buying cryptocurrency to try and achieve such gains.