In this article LAB577 and Trustology take a look at Why Key Custody matters more now than ever for crypto active adoption across institutional users.
In just over ten years the original white paper concept of a peer-to-peer electronic cash system has become a crypto economy that is evolving at an accelerating speed. We have progressed from a single decentralized virtual currency in 2009, to smart contract-based blockchains supporting thousands of different crypto assets today. Ethereum emerged in 2013 with a promising range of possible decentralized applications or dApps but at the requirement of privacy.
The same short period has also seen risk management take centre stage from settlement and security risks to the custody of assets with headline-grabbing stories about hacking, phishing and cybercriminals targeting cryptocurrency exchanges and causing millions of bitcoin and other altcoins to suddenly ‘vanish’ and accounts being completely lost. Fast forward to 2020 and we have a rapidly evolving and maturing market with greater demand for regulatory clarity and more reliable security and custody options, allowing for more institutional participation. Enter Trustology and LAB577.