Toronto-based CoinKite is looking to offer bitcoin companies with private key storage, a report at CoinDesk suggests.
In effort to do so, the company is said to be launching an API this summer, which will allow for the storage of bitcoins on their very own hardware security modules (HSMs).
The company already uses HSMs to store private keys for their debit card users, but wants to resell access to the systems:
“Very soon we will start reselling the HSMs too, so you won’t even have to trust us with your private key,” said the company’s CEO Rodolfo Novak. “You could put one of our HSMs in your facility. We have no access to it. But this HSM would use our API to be able to facilitate every single transaction that you do.”
It could potentially be an attractive solution for bitcoin exchanges and other businesses who constantly struggle with on-hand supply between hot and cold storage wallets. Using the system would allow them to have access to the funds they need anytime in high-security systems.
“Those guys have huge problems with float, and they’re constantly faced with hacking attempts. Everyone is, in this industry,” Novak said.
Pricing for the hardware security modules in not yet available, though access to the aforementioned API will be billable at a monthly rate.