IBM to Enter Crypto with Institutional Client Custody Platform

IBM is launching a crypto platform thanks to a partnership with a digital wallet infrastructure builder. The “Digital Asset Haven” will handle custody, transactions, settlements, and more for institutional clients.

Although IBM hasn’t shown much interest in digital assets in the past, the sector is growing explosively. The firm may retain some of its previous skepticism, yet this project is a useful attempt to enter the field.

IBM Enters Crypto

IBM, a massive technical and industrial research firm, has been interested in Web3 for many years. The firm filed hundreds of blockchain patents in 2019 alone, but many of its relevant products proved non-viable in the ensuing years.

However, IBM is taking another crack at the industry with a new interest in crypto.

According to a recent press release, IBM is launching a “Digital Asset Haven, a major crypto custody solution. This platform is intended for institutional clients like corporations or government actors, and it will handle everything from custody and transactions to settlements, all under regulatory compliance:

“With IBM Digital Asset Haven, our clients have the opportunity to enter and expand into the digital asset space backed by IBM’s level of security and reliability. This new, unified platform delivers the resilience and data governance they have been asking for,” Tom McPherson, General Manager at IBM Z and LinuxONE.

IBM claims that this new crypto platform will be operational, at least as a software-as-a-service (SaaS) subscription, by the end of 2025. It further stated that an “on-premises” launch will take place in Q2 2026. However, it didn’t clarify how this will differ from the previous incarnation.

Regardless of IBM’s plans for this crypto platform, the firm has built a solid partnership to develop the technology. It’s teaming up with Dfns, a French firm that specializes in digital wallet infrastructure. This company has created 15 million wallets for 250+ clients, but IBM’s infrastructure could take its expertise to the next level.

Long-Running Skepticism?

Additionally, this project may serve as a way for IBM to hedge its bets on crypto. The firm has shown far more interest in blockchain and AI than crypto over the years; earlier this month, its CTO told BeInCrypto that he was concerned about quantum attacks on Bitcoin.

Nonetheless, IBM’s press release claimed that “institutions will need to evolve” due to rising crypto adoption and TradFi integration. Whether or not any of the company’s previous concerns turn out to be valid, this platform could be a useful way to test the waters.

If the firm doesn’t make any commitments to crypto, its competitors could leave it in the dust. With the Digital Asset Haven, IBM will have the opportunity to remain relevant in the field.

The post IBM to Enter Crypto with Institutional Client Custody Platform appeared first on BeInCrypto.