Blockdaemon Targets Institutions with Crypto Custody Alternative
Posted by Colin Lambert. Last updated: April 19, 2023
Digital assets infrastructure firm Blockdaemon has launched a digital asset wallet targeting institutional players in the crypto space who want to self-host assets.
The firm says Blockdaemon Wallet is a response to last year’s upheaval in the crypto world where several centralised finance offers went to the wall, which led to a surge in demand for self-custody services. The firm points out the challenge for institutions, however, is that unlike individual players, institutions face greater barriers due to higher regulatory compliance and security expectations. “Blockdaemon wallet is built for institutions that refuse to compromise on control over their assets, without sacrificing compliance, security, or access to liquidity,” the firm claims.
It does this, it adds, by providing the “highest level” of security against both external and internal threats; increasing control over transaction approvals based on quorums, checklists, operational controls, and conditional controls; and self-hosting for full and exclusive control over the entire wallet ecosystem.
“It’s become increasingly important for both individuals and institutions to have the ability to self- custody their digital assets without counterparty risk,” suggests Konstantin Richter, CEO and founder of Blockdaemon. “In the past, institutions were forced to compromise on control and security for their digital assets, but not anymore. The Blockdaemon Wallet gives institutions the power to self-custody without compromising liquidity, security, or regulatory compliance.”