It seems that as the crypto industry grows so do the extreme marketing strategies firms need to ensure they have a competitive edge over others. Now, the standard for crypto holding firms might just be the ability to withstand a nuclear war.
In a press release on Friday, Switzerland based online banking firm Swissquote has announced that they are launching a crypto custody service within this month that will be able to withstand nuclear warfare.
According to the Swissquote website, “Digital banking is part of our DNA and we will continue to be curious, creative and inventive in order to facilitate and democratise the world of finance for our clients.”
From the 21st of March, both retail and institutional customers will be allowed to transfer money from external wallets into cryptocurrencies and vice versa via a Swissquote account.
This venture by Swissquote has been done in collaboration by Zug-based Crypto Storage AG which offers “A proprietary infrastructure solution to manage private keys, both physical and digital, on highest grade hardware security modules with detailed configuration options for individual and role-based access control,” as per it’s website.
In an interview with CoinDesk, Stijin Vander, the Crypto Storage CEO, said, “Our HSMs are the same as those built for the Swiss National Bank [the country’s central bank] and that nothing is outsourced or could allow for a backdoor to be built in.”
He further said that, “Our server racks are stored in a former military bunker in the Swiss Alps which is nuke proof. So, yes, we care about security.”
However, how necessary will this service be to crypto asset holders and consumers as many crypto advocates such as Charlie Shrem are of the opinion that out of all transaction methods, cryptocurrencies alone would survive a nuclear catastrophe. As Shrem discussed earlier in a Hackernoon article, in the advent of a nuclear war,
“As long as there is at least one node running Bitcoin, the Bitcoin network will continue to function. It is highly likely that many Bitcoin nodes would survive even the worst nuclear attack since nodes are scattered worldwide, and they could communicate with each other via satellite internet.”
Of course all of this is merely speculative, not to mention the cost of maintaining the equipment needed to sustain such a task, however, it makes one think whether military grade protection is really needed?