Institutions are looking for “derisk” when entering encryption: ledger

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It is interesting to hear the Bybit Hacks mentioned more than a few times during DAS, a conference focusing on the institutional adoption of cryptography.

Obviously, it is still a painful subject, and still the best subject for industry experts like Zachxbt.

In a telegram message yesterday, Zachxbt said that the time spent freezing funds after the hack is “eyeworthy” and that unless the industry forces it through the entire industry, it’s incredibly cooked, if the industry corrects this, if the industry corrects this, if the industry corrects it itself.”

it’s not that’s right Something I want to hear from one of Crypto’s biggest on-chain experts. But it shows the importance of safety as it ponders what strategic Bitcoin reserves actually look like, and how banks will provide services around custody and stupidity.

Ledger CEO Pascal Gauthier told me that “number of agencies” was reaching out after Bybit Hack.

“Beyond custody, they are looking for access to liquidity from independent or regulated custodians. Ultimately they are trying to resolve the risk and we can provide it to them,” he explained.

Certainly, security is that the ledger team is not only knowledgeable, but also interested in the aftermath of Bibit.

(Remember when CTO Charles Gillemet said it was already the “worst year” for cybercrime.

“Security is not static. It’s constantly evolving,” Gauthier told me. “Security vulnerabilities are emerging at an incredible rate, and attackers are taking advantage of them quickly, but organizations usually take months to fix them. Crypto trusted partners are constantly looking for vulnerabilities in their products.

In fact, Gauthier has already steered institutional investors away from trying to use retail-grade products, urging them to start the right way with “true enterprise-grade self-management with a governance layer.”

“By the way, financial institutions need to create tamper-resistant hardware such as secure element chips and enterprise-grade systems.

Investor protection must be our number one priority in the future. Maintaining security at scale can get caught up in it, but you need to see if the industry can grow to adapt to new security needs.

Here it is: Security is not the sexiest conversation. But that shows maturity in an industry that didn’t exist even in Das London last year.

If the conversation evolves to a point of discussing what is actually feasible, it indicates that we have left the more hypothetical stage and entered the planning stage.