by Sujha Sundararajan
Data security firm Guardtime and blockchain startup Metaco have jointly launched a new cryptocurrency asset management product.
Dubbed “Silo,” the product was unveiled in Geneva earlier this week in a bid to provide a storage solution for investors in digital assets. It combines software developed by Metaco and “anti-tamper” hardware developed by Guardtime.
Silo is being pitched as a way to safely store assets, with a particular focus on the finance and banking space. Silo is one of a number of products launched in recent months catering to this subset, which is perhaps unsurprising given the increasing profile of cryptocurrencies as a new kind of asset class.
In statements, Adrien Treccani, CEO of Metaco, positioned the launch against the backdrop of the cybersecurity challenges around cryptocurrencies, as evidenced by the colorful history of hacks and scams involving the tech.
“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,” he remarked.
The product marks the latest foray into blockchain for GuardTime, which in the past has inked partnerships with the U.S. Navy as well as firms like Ericsson that focus on applications of the tech.