Onchain Custodian outsources entire key management and storage process to IBM's public cloud

Thursday 5 March 2020 07:06 CET | News

Onchain Custodian, Singapore-based custody provider, has released the latest version of its hardware-based vault, hosted entirely on IBM’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 centres that are rented out and in remote locations, according to CoinDesk.

However, this is the first time a custodian has felt comfortable outsourcing the entire key management and storage process to IBM’s public cloud. IBM itself has no access to private keys created and stored on its HyperProtect cloud. The system is built using hardware security modules (HSM), a kind of lockbox that safeguards and manages digital keys in a tamper-proof environment.

Sequoia-backed Onchain currently has about 30 customers with the focus on Asia for now. These include the Neo and Ontology foundations, and on the exchange side, Wowoo, BiKi and kuCoin.

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Keywords: cryptocurrency, cloud, IBM, crypto wallets, custodian, hot storage, cold storage, Onchain Custodian, Singapore
Categories: DeFi & Crypto & Web3
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3