[Global Crypto Assets & Finance Conference 2021] “Key Consideration of Building an Institutional Digital Asset Custody” _ Glenn Woo Head at Ledger APAC

• Global Crypto Assets & Finance Conference 2021
• Host: Delio DUCATO, Korea Crypto Finance Association (KCFA)
• Date: January 27th — January 29th, 14:00–16:10
• Website : https://conf.delio.io

Session 1: Current Status and Prospect of the Crypto Asset Financial Market in 2021

▣ Consideration of Building an institutional Crypto Custody_ Glenn Woo / Head at Ledger APAC

Glenn Woo, Head at Ledger APAC, announced what matters should be considered when financial institutions build cryptocurrency or digital asset trust services. He says that it is necessary to use wallet security technology as well as at least two to three technologies to gain a competitive advantage in building a trust service, and it is important to set the market timing as quickly as possible to build trust and track records.

The weakness of Crypto Asset Custody Service

CEO Woo said, “Institutions that build consignment services should first envision a business and service range that can have a competitive advantage, and not find security technology that fits the business case, but a private key that could be called a blind spot in cryptocurrency services. Because of the possibility of theft and technical complexity, it seems that the opposite is more common.”

In addition, he added, “Companies that provide blockchain security services and wallet services have already been improving their technology in various ways over the years. “It’s quite possible to find or build a solution that works.”

The preparation process varies according to business type

The preparation process differs depending on whether you are building a B2C or B2B business. In the case of custody services for institutions, there are regulations that enforce support for individual accounts in almost all countries, and individual wallet accounts for each institutional customer are issued and managed. In addition, in the case of B2C, the transaction frequency is quite high, but the individual transaction amount is small, and in the case of B2B, the transaction frequency is low, but the amount itself can be quite large. Likewise with network fees, the cost can be significantly lowered depending on which assets on which blockchains are serviced and which technologies are used.

Customer authentication-related part of the trustee organization

Regarding customer authentication, Glenn said, “There are also methods of logging in with ID and PW through an app built by a trust organization or website, and 2FA through text messages or apps, or through Ubikey. It is not high,” and said that the process is “slow when people do it, and insider actions can occur, and hacking or insider actions can occur when using APIs.”

In addition, “When you establish business-related matters, you will consider whether to make the technology yourself or use the services of a professional organization such as Ledger. Whether the internal technical team can support frequent updates, and technical support is available 24 hours a day, 365 days a year You have to think about whether you can provide it, whether you have the time and money to build, update, and maintain your own technology, and whether you can get the various security certifications you need to acquire as a financial institution.” He said, “I investigated the time it took to build an HSM for cryptocurrency support in-house, and it took at least 18 months and longer than 36 months.”

[DUCATO Official Websites]
Homepage: http://ducato.io
Telegram: https://t.me/DUCATO_Channel
Medium: https://medium.com/ducato
Twitter: https://twitter.com/DUCATO_DeFi
Facebook: https://www.facebook.com/DeFi.DUCATO
Linkedin: https://www.linkedin.com/company/ducato-defi
YouTube: https://www.youtube.com/channel/UCB1p7-VVW51vEm02gQbb9vA

[Delio Official Websites]
Delio: https://www.delio.io
Delio Cloud: https://delio.cloud/
Telegram [Global]: https://t.me/happy_delio
News Channel: https://t.me/happy_delio_news
Blog [KR]: https://blog.delio.io
Facebook [KR]: https://www.facebook.com/delio.io/
Medium [Global]: https://delio-io.medium.com/
Twitter [Global]: https://twitter.com/happydelio
Instagram: https://www.instagram.com/happydelio
YouTube: https://www.youtuhttps://www.youtube.com/channel/UCDvdHl0t9GEcUfWclJEnDXA