Answering to the question why custody is important for Bitcoin sphere, Kevin Beardsley of Elliptic, the UK based Bitcoin company says that it is important to draw a distinction here between storage and custody. According to him secure storage is essentially a technological commodity – there are best practices and you can buy the hardware over the counter.
Elaborating his point Kevin Beardsley says that custody goes far beyond secure storage and according to him at Elliptic they employ the world’s best technology, but it is only half of the solution. He says that KPMG accreditation, Fortune 100 insurance and focus on compliance, working with fund administrators, and building trust is the other half of the solution.
According to him the difference between storage and custody is what sets Elliptic apart and it is why his company is the trusted custodian for publicly listed firms representing more than $3BN in market cap. Nonetheless, he is of the view that trusted custody is a pillar of Bitcoin’s growth, because it allows enterprises to hold Blockchain assets in a compliant and secure manner.
Kevin Beardsley is of the view that without trusted custodians, things like smart contracts and digital stock certificates become nearly impossible to implement at any meaningful scale. The views coming from someone who was the Bitcoin Foundation Membership Director and now working as Business Development officer are valuable.
Feeling Honored to Join Elliptic Team
Talking about his experience at Elliptic, the UK-based company that provides an end-to-end Bitcoin custody service for investment funds and trading firms, which want to securely store their Bitcoin assets, he says that he feels honored when they asked him to join their team. He says Elliptic is solving the biggest questions facing Bitcoin’s enterprise adoption.
Kevin Beardsley acknowledges that Bitcoin is the most exciting thing he has seen since the internet and as soon as he learned about it, he was hooked. He says that he became obsessed with the ecosystem and it was only a matter of time before he joined a Bitcoin company!
His work at the Bitcoin Foundation and now Elliptic according to him is slightly different as one is a non-profit organization and another is a business. However, he says that he think the biggest difference is being back in a physically centralized location.
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