The slogan 'Be your own Bank' also implies that you are responsible for managing your own keys and digital assets, which is not an easy problem. Appropriate backup solutions and security measures must be taken. Furthermore, the process is critical for trading, because for this the assets are transferred to the wallet of an exchange, which makes it the crypto custodian during the process of trading. A trusted exchange is therefore essential.
We create an individual custody solution for you with the different types of wallet. This also includes the sensitization of the employees and the minimization of the counterparty risk while maintaining liquidity. OpSec, geo-redundancy concepts and multi-signatures must be tailored to the organization.
Here, a third party, such as an exchange, is entrusted with the custody of the private keys. In addition to the counterparty risk, there is also a risk of hacker attacks.
This type of wallet is used for operational business to guarantee smooth operation. Since this system is always online, careful monitoring and backup is needed.
In this type, the private keys are not accessible via third-party systems. In this case, a functional backup solution and effective control vis-à-vis the company's own employees are necessary.
Standard transactions on a blockchain network could be called "single signature transactions" because transfers require only a single signature - from the owner of the private key associated with the address. However, most networks support much more complex transactions that require the signatures of multiple people before assets can be transferred. These are often referred to as M-of-N transactions. The idea is that the asset is not "encumbered" until the critical mass of all parties have signed that transaction. This process is intended to provide additional cyber security within an institution or among stakeholders, because if one private key is lost, no valid transaction can be generated.
Our employees regularly publish articles on the subject of IT security