The rise of cryptocurrencies this past decade has resulted in a new kind of wealth, one that needs a special kind of security to store it.
Some people have acquired enough cryptocurrency to warrant the need to hire the upper echelon type of companies to step in and secure their cryptocurrency investments for them.
It’s like the G7 jet and mega yacht standard of cryptocurrency storage.
I’m talking a type of high security where the company physically handles your wallet or wallets for you in a number of different ways, all trying to accomplish a level of security that is unhackable.
In the past, I’ve made a video that briefly goes over the different types of cryptocurrency wallets, like those on exchanges, web-based wallets, paper wallets, multi-sig wallets and hardware wallets.
Each of these takes a different approach towards securing cryptocurrencies.
The wallet options I’ll be covering today have taken these different approaches and created a high-end luxury wallet service.
This is like an MTV cribs, cryptocurrency wallet edition.
First up we have a wallet provider called Casa.
Their target clientele are those who have between $400,000 and $10 million cryptocurrencies.
This one takes multi-sig wallets to a whole other level.
Multi-sig wallets, or multiple signature wallets are those which require multiple private key signatures before being able to move any cryptocurrency out of the wallet.
We see these a lot with cryptocurrency projects like ICOs or wallets that hold funds for a company. This effectively prevents any one individual with control of one private key from being able to take the funds for themselves.
This type of wallet is considered to be more secure compared to web-based wallets because a hacker would need to be in control of all of the required private keys before being able to get into the wallet.
Casa takes this concept and adds the element of physicality by requiring you to physically travel to different locations in order to electronically sign three different devices in order to move any cryptocurrencies out of the wallet. The devices they utilize, that you’ll need to use to sign for your transactions, are Trezor and Ledger hardware wallets which have been integrated with Casa’s software.
This service will cost you $10,000 a year.
Another similar option can be found with BitGo which charges you a percentage of your transactions rather than a yearly fee.
As with any cryptocurrency wallet, no matter how much you pay for the service, it’s reliant on the security practices of the actual individual using it.
In the case of Casa, if the person decides to store two of the hardware wallets in one location, that pretty much effectively negates the whole concept of making things difficult for a hacker or attacker from gaining access to the funds.
I see it like this, if someone is willing to pay $10,000 a year for assistance in helping them manage the security of their own investment in cryptocurrency, they are probably very much unlikely to invest time learning how to do it the right way. Because even with this system like Casa, the individual still has the important role to play in the securing of the devices.
A lot of wealthy people like to throw money at a problem with the hopes that someone will come in and handle it for them. Unfortunately for them, when dealing with this world of cryptocurrencies, the ultimate responsibility will always be resting on your own shoulders.
Next up we have a cold storage option being offered by Silver Bullion that is pretty impressive.
I’ve made a few videos on how to properly create a paper wallet. I’ve gone over the importance of disconnecting your computer from its internet source and how you should physically write the public and private keys on a piece of paper, and store it in a way that won’t easily be lost or destroyed.
Silver Bullion takes this concept and just blows it out of the water, theoretically at least.
They use what they are calling the Open Gregerson-Gono Standard. Which materializes private keys and secures them in a way that enables physical crypto storage. From a company that deals with physical gold and silver rather than gold and silver certificates, it’s an interesting concept to consider, producing a unique object that both represents and secures your cryptocurrency wallet.
They accomplish this by producing a physical card that is encrypted. This means it cannot be found in the digital world, thus removing the threat of remote hacking. The encryption also removes the threat of physical theft because the thief would not be able to decrypt the card without the use of the special decryption software.
How a thief would be able to acquire this physical card would also be very difficult since The Safe House would store these cards in a safe. The cards themselves are incredibly durable as they are made of polycarbonate and etched using a laser.
The cards are then stored in a safety deposit box located within a Class II vault that is secured within another vault in Singapore. As if that wasn’t enough, you can also apply multi-sig procedures to further secure the wallet.
This one is on a James Bond level of security for those who want it. The release date is yet to be announced and I haven’t found any information regarding the cost of all of this security but I’m sure it isn’t cheap.