INSUBCONTINENT EXCLUSIVE:
The $245bn cryptocurrency industry needs to do more to secure its digital assets if it wishes to continue to grow according to a new report
from KPMG.Since 2017, hackers have stolen at least $9.8bn in digital assets as a result of weak security or poorly written code, the
and Ethereum, this has led to a competition for a place in their portfolios and safeguarding these digital tokens is more important than
Co-author of the report and co-leader of KPMG's cryto-asset services, Sal Ternullo explained why security is holding investors back from
up and Fidelity Investments along with units from the cryptocurrency exchanges Intercontinental Exchange, Coinbase and Gemini have begun to
offer them to investors.In the same way that cash and certain types of bonds are bearer investments where whoever holds them is the owner,
so to are cryptocurrencies
However, the private keys, which are a string of characters stored in a digital wallet or written down on paper, are quite easy to
misplace.When a user loses their private key or has it stolen, the asset is gone forever and this makes key custody a major challenge for
traditional financial firms that are more familiar with protecting non-digital assets
It is fundamental to earning customer trust in cryptoassets and allowing the market to scale
As crypto-assets proliferate, custodians have a tremendous opportunity to profit -- both by earning management fees for delivering
cryptocurrencies are to continue to be bought and traded by institutional investors, then the industry needs to ensure that it can secure
