BUSINESS
Why Do Institutions Need A Digital Asset Custodian?

Why do so many CeFi and DeFi institutions suffer breaches despite the formidable security of blockchain’s distributed ledger? The answer lies in manner of treasury management. Treasury management continues to get challenging, with emerging security challenges and roadblocks in the crypto landscape. The key principle of treasury management is simple – to safeguard the private key and, in turn, digital assets from unauthorized access.
However, DeFi protocols and Web3 businesses continue to witness relentless cyberattacks and internal hit jobs. Hackers siphoned off over $3.8 billion in funds in 2022 alone, making it the worst year in terms of crypto hacks. 2023 was even worse. The biggest fear of the stakeholders is the relentless cyberattacks on sensitive on-chain architecture continuing in 2024. Those sticking with traditional cryptographic solutions to safeguard their assets are at the highest risk.
Amidst the increasing risk of cyberattacks and wallet hacks, institutions need digital asset custody solutions. In this blog, we explore why.
Storing Digital Assets Is Complex
First and foremost, storing digital assets is complex due to increasing security risk. The sudden spike in crypto hacks is a testament to the intricacies of digital asset custody. To make matters worse, the blockchain industry continues to undergo a transformation toward an interoperable environment, meaning more chains, more assets, and more security vulnerabilities.
The security architecture must evolve to keep up with this transformation. However, upgrading the security architecture every time a new chain is added could be fatal to the revenue and efficiency of crypto institutions. This is where a reliable custody solution helps crypto businesses beef up their wallet security while optimizing costs.
Increasing Security Risks
Ever-increasing cybersecurity threats make security a paramount concern for institutions. High-profile hacks and breaches continue to highlight the vulnerability of digital assets. To mitigate these risks, institutions must prioritize security measures that go beyond traditional practices. This is where crypto custodians play a crucial role, offering a fortified layer of protection against evolving threats.
Regulatory Compliance
As institutional involvement in cryptocurrencies increases, so does the need for adherence to regulatory standards. Besides safeguarding digital assets, crypto custodians also help institutions comply with regulatory obligations, ensuring a synergy between operations and legal frameworks. For example, Liminal Custody is FSP licensed in ADGM and BitGo is SEC compliant in US to provide regulated custody.
Decoding The Institutional Adoption of Crypto Custodians
A trend in the cryptocurrency market is seldom illogical. An increasing number of crypto institutions are joining with crypto custodians because they are aware of the dire consequences that await in case of a wallet breach or unauthorized access.
Genesis Capital, CoinDCX, Coinsquare, Telos, Cadenza, and G-2 Group, be it exchanges, liquidity protocols, hedge funds, or market markers, institutions across the segments are partnering with custody solutions like Liminal Custody, BitGo, and Copper to safeguard their assets from all possible accounts. These institutions experience tangible benefits in terms of security, regulatory compliance, and overall confidence in navigating the complexities of the crypto market.
The risk is real, and businesses can’t afford to be lenient at a time when we are on the brink of a massive bull run. It could be detrimental to a) business and b) reputation.
How Does A Crypto Custodian Work?
The primary objective is to provide a secure environment for the storage of private keys, which are essential for accessing and managing cryptocurrency holdings. Here’s an overview of how a crypto custody solution typically works:
Account Setup and Onboarding:
- Users, whether individuals or institutions, initiate the process by creating an account with a crypto custodian.
- The onboarding process involves identity verification and compliance with regulatory requirements.
Creation of Wallets:
- Upon successful onboarding, the custodian creates secure wallets for the user. These wallets can be hot wallets (connected to the internet) or cold wallets (offline for enhanced security).
Generation and Storage of Private Keys:
- The custodian generates private keys for each wallet. Private keys are cryptographic keys that grant access to the associated cryptocurrency funds.
- Specialized hardware security modules (HSMs) or secure enclaves may be used to generate, store, and manage private keys securely.
Multi-Signature Technology:
- Many crypto custody solutions leverage multi-signature (multi-sig) technology. With multisig, multiple private keys are required to authorize a transaction, eliminating the risk of a single point of failure.
- For example, a 2-of-3 multisig setup would require two out of three authorized parties to sign off on a transaction.
Transaction Approval Process:
- When a user initiates a transaction (such as sending or receiving cryptocurrencies), the custodian follows a predefined approval process.
- For multi-sig setups, the required number of authorized parties must sign off on the transaction.
Monitoring and Reporting:
- Custodians typically provide users with tools for monitoring their holdings and transaction history.
- Regular reporting on the status of assets, transactions, and security measures may be offered to keep users informed.
Compliance and Regulatory Reporting:
- Crypto custody solutions adhere to regulatory requirements, which may include Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
- The custodian may also provide necessary documentation and reporting to comply with financial regulations.
However, the implementation process may vary from solution to solution, depending on the type of wallet infrastructure they offer.
But how would a business know if a custody solution is right for them? Let’s examine the situation.
How To Choose The Right Crypto Custodian
Different businesses may have different custody requirements depending on their operational geography, fund size, regulatory and security obligations, and customization requirements.
Here are a few key defining factors to make an informed decision:
Solution Type:
Diverse platforms offer varying custody solutions, ranging from non-custodial wallets to self-custody, hot wallets, cold wallets, and more.
The decision-making process should involve a thorough review of security requirements and the preferred type of custody.
Number of Assets Supported:
The range of supported assets can be decisive, with some platforms limited to specific token types (e.g., ERC-20). A careful evaluation of operational needs is necessary to align with the platform’s capabilities.
Security Infrastructure:
The dynamic nature of security trends in the Web3 space necessitates a detailed security architecture review. Whether a business requires a multi-sig wallet architecture or an MPC wallet architecture depends on the operation requirements. Ensuring compatibility with the firm’s security expectations is crucial for a reliable custody solution.
Compliance:
The regulatory landscape in the crypto industry varies across countries, demanding a solution that facilitates compliance with local regulations.
Choosing a solution that assists businesses in meeting regulatory obligations is paramount.
Pricing:
Budget constraints often play a pivotal role in the decision-making process.
It’s advisable to initially assess whether the selected solution aligns with the allocated budget.
Remember, as businesses navigate a complex landscape, there is no hard rule for selecting a custody solution provider. Due diligence is a key aspect of decision-making, and businesses must stay ahead of industry trends to make well-informed decisions.
Wrapping Up
Securing digital assets is and must be a priority for crypto institutions, with more and more users jumping on the bandwagon. More inflows mean increased security and regulatory risks as cybercriminals expand their horizons to siphon off funds from different chains.
It is equally important to note that the scope of modern-day custody solutions extends beyond merely safeguarding private keys. While choosing a custody solution, businesses must evaluate if it helps them tackle security, regulatory, and interoperability challenges. As the adoption of digital assets increases, the role of crypto custody solutions is critical in building trust and creating a secure operational environment.
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APPS & SOFTWARE
How To Manage Employees at Scale: Workforce Management Software

Companies that maintain a clear record of employee time, attendance, and tasks may experience boosted performance and improved bottom lines. Workforce management software enables labor-intensive organizations to maximize labor efficiency, minimize compliance risks, and develop strategic insight that improves business operations. Embracing a data-driven approach to management helps companies retain talent, cut labor costs, and adhere to labor laws. Here are a few ways workforce software can help you manage employees at scale:
Improved Labor Optimization
Management software identifies and alerts management to labor issues such as overstaffing or understaffing based on forecasted workloads. Workforce management software analyses historical data and business trends to align staff schedules with anticipated demand. It factors employee availabilities, skills, and preferences to generate optimized schedules that result in better timekeeping and adherence to deadlines. Businesses may experience reduced scheduling errors, optimized workforce utilization, smoother shift planning, and improved employee satisfaction due to fair and balanced schedules. Labor optimization increases productivity and success rates as each task is assigned and complies with the company’s workflow.
Enhanced Demand Forecasting
Accurately forecasting demand for a large and dispersed workforce, including remote employees, can present significant growth and operational efficiency opportunities. Miscalculated labor requirements lead to inefficient staffing that strains the budget and interferes with performance. A workforce management system uses artificial intelligence algorithms to predict workload volume for active operation days. The forecasted data can help management make informed decisions on when to increase or scale down the workforce. The software uses repeated data patterns to forecast future requirements, helping businesses to have better budget and resource allocation planning.
Automated Scheduling
Manual schedule creation is time-consuming for a large workforce, especially when different shifts and employee skills are involved. Workforce management systems are automated and generate schedules that align with forecasted demand, employee availability, and skill sets. Such systems allow for easy updating and making changes to the schedule. A workforce management tool features workforce sharing, smart templates, and shift swapping. It will enable staff to pick up open shifts or make changes that a supervisor approves. Automated scheduling streamlines administrative tasks and promotes equitable distribution of shifts.
Improved Time Tracking and Attendance
Employee attendance and time tracking help calculate the number of hours worked, overtime, and absences. Managing data tracking manually for a large workforce can pose challenges in terms of time consumption, error risks, and complexity. Workforce management software provides a more efficient solution by automating the time-tracking process. Employees clock in and out using their devices, eliminating discrepancies or manual calculations. This feature also helps managers better understand their employees’ productivity and identify any issues that may arise.
Improved Compliance and Reporting
Compliance with labor laws and regulations is a requirement for any organization. The laws stipulate maximum working hours, minimum wage, and overtime pay. Employees are entitled to rest, meal breaks, and a set number of vacation days. A workforce software ushers in automation and standardization, promoting law adherence. The software also generates comprehensive reports on employee data. The report makes it easier for organizations to monitor compliance and identify any areas of improvement. These reports can also aid in identifying trends and patterns within the workforce, enabling organizations to make proactive changes.
Enhanced Employee Engagement
Features in a workforce management system, including newsfeeds, polls, surveys, and scheduling communications, support effective information sharing across the organization. Highly engaged employees are more productive, have lower absenteeism rates, and stay with the company longer. Workforce management tools improve employee engagement in various ways. The software allows employees to view their schedules and adjust as needed, promoting transparency and control over their work hours. It provides a platform for employees to request time off, swap shifts with colleagues, and communicate with managers. This level of autonomy and communication fosters a sense of ownership and teamwork among employees. The software can track employee performance and provide top performers, further boosting engagement levels.
Maximize Efficiency With Workforce Management Software
Effective communication improves workplace efficiency and reduces errors. Workforce management software allows for streamlined communication between employees, managers, and HR personnel. The software sends automated notifications, reminders, and updates to keep everyone on the same page. It also provides a centralized platform for all employee information, eliminating the need for multiple manual systems. Investing in workforce software may lead to significant cost savings and improve organizational success. Implement workforce software into your business processes today.
BUSINESS
Creative Ways to Reuse and Recycle Takeaway Containers

Have you ever pondered over what to do with the masses of takeaway containers that end up filling our dustbins weekly? Due to their convenience and durability, countless containers find their way into our homes, usually tossed out without a second thought. However, with a touch of creativity and a concern for the environment, these often neglected items can be granted a second lease of life. This blog will provide you with innovative ideas to recycle and reuse takeaway containers.
1. Artful Planters
Why not transform takeaway containers into chic planters for your houseplants or your kitchen garden? Drill some holes at the bottom for drainage and get your green thumb working. They can support herbs, succulents, or a splash of floral beauty right at your windowsill.
2. Craft Supplies Storage
Takeaway containers make excellent storage options for art and craft supplies. Sort out your buttons, beads, sequins, paintbrushes, and numerous other craft essentials. They will be readily available when you need them, and your work area will remain clutter-free.
3. Homemade Candles
A fantastic way to reuse plastic or aluminium containers is by turning them into candle moulds. Not only will you be crafting beautiful homemade candles, but also contributing towards reducing plastic pollution.
4. Versatile Organisers
Declutter your workspace, vanity, or even your garage by using these handy containers as organisers. They can hold everything – from nails and screws to makeup and jewellery, ensuring that everything is always within your arm’s reach.
5. Seed Starters
One of the easiest ways to reuse plastic containers is to use them as seed starters. Poke some holes at the bottom, fill with potting mix, and start your seedlings. Once they’re ready to be transplanted, you can reuse the container a win-win situation for you and the environment.
6. Leftovers Best Friend
Think twice before you ditch that sturdy takeaway container – it can be a lifesaver for storing leftovers. It’s worth mentioning that they should be cleaned thoroughly and dried before using them for food storage again.
In Conclusion
Demonstrating creativity with takeaway containers not only helps to lower the volume of waste that we contribute to the environment but can also serve practical purposes around your home too. Next time, remember that these containers are way more than just a one or two-time food carrier. They are a valuable, reusable resource, and their possible applications are as extensive as your imagination permits. The key takeaway here is to ingenuity and transform what’s typically considered as trash into an example of smart recycling. So, let’s brace ourselves to gift our beloved takeaway containers a new life and towards reduced waste and a healthier planet.
BUSINESS
Mastering Logistics: Unleashing the Potential of 3PL Warehouse Management Software for End-to-End Supply Chain Success

In today’s hyper-competitive global market, businesses face a daunting challenge: to not only meet but exceed customer expectations while navigating the intricate web of supply chain logistics. From sourcing raw materials to delivering finished products, the efficiency and effectiveness of every link in the supply chain can make all the difference between success and stagnation. Enter third-party logistics (3PL) warehouse management software, a dynamic solution empowering businesses to conquer the complexities of modern commerce with unparalleled agility, precision, and continuous evolution.
Unveiling the Imperative for Logistics Technology
In the relentless pursuit of operational excellence, businesses are embracing technology as their trusted ally. Nowhere is this more evident than in logistics management, where outdated methods have become obsolete in the face of evolving consumer demands and global market dynamics. Recognizing the imperative for transformation, companies are turning to advanced logistics technology, with 3PL warehouse management software emerging as the cornerstone of their strategic arsenal.
Unraveling the Boundless Advantages of 3PL Warehouse Management Software
- Unparalleled Visibility and Transparency: Harnessing the power of real-time data analytics, 3PL warehouse management software offers unparalleled visibility into every facet of the supply chain. From inventory tracking to shipment status updates, businesses gain unprecedented insights, enabling informed decision-making and proactive problem-solving. With customizable dashboards and interactive reporting tools, stakeholders can access critical information anytime, anywhere, ensuring transparency and accountability across the organization.
- Optimized Efficiency and Productivity: By automating manual processes and streamlining operations, 3PL warehouse management software drives unmatched efficiency and productivity gains. With features such as automated order fulfillment, dynamic inventory replenishment, and intelligent route optimization, businesses can minimize costs, reduce lead times, and maximize throughput with unparalleled precision. Moreover, advanced algorithms and machine learning capabilities empower businesses to optimize resource allocation, minimize bottlenecks, and enhance operational agility in the face of changing demand patterns and market dynamics.
- Scalability and Adaptability: In the dynamic landscape of modern commerce, scalability and adaptability are non-negotiable traits for success. 3PL warehouse management software offers businesses the flexibility to scale their operations seamlessly, whether expanding into new markets, launching new product lines, or adapting to seasonal fluctuations. With customizable workflows and adaptable configurations, businesses can future-proof their logistics strategies and stay ahead of the curve. Moreover, cloud-based deployment options and modular architectures ensure scalability without sacrificing performance, allowing businesses to grow and evolve without constraints.
- Cost Optimization and Resource Utilization: In an era defined by razor-thin margins and relentless competition, cost optimization is paramount. 3PL warehouse management software empowers businesses to identify cost-saving opportunities, from optimizing inventory levels and reducing excess stock to minimizing transportation expenses and labor costs. By leveraging predictive analytics and machine learning algorithms, companies can unlock hidden efficiencies, forecast demand with precision, and drive sustainable cost reductions across the supply chain. Furthermore, real-time cost tracking and financial analytics enable businesses to monitor expenses, identify cost drivers, and make data-driven decisions to enhance profitability and competitiveness.
- Enhanced Customer Experience: In an age where customer experience reigns supreme, 3PL warehouse management software enables businesses to deliver unparalleled service excellence. With features such as real-time order tracking, automated notifications, and seamless returns management, companies can exceed customer expectations at every touchpoint, fostering loyalty and driving repeat business. Moreover, personalized customer portals and self-service capabilities empower customers to track shipments, manage orders, and resolve issues independently, enhancing satisfaction and loyalty while reducing service overheads. By prioritizing customer-centricity and responsiveness, businesses can differentiate themselves in the market, build brand loyalty, and drive sustainable growth in the long term.
Charting the Course for Future Innovation
As technology continues to evolve at an unprecedented pace, the future of logistics management holds limitless possibilities. From harnessing the potential of artificial intelligence and machine learning to leveraging the Internet of Things (IoT) for enhanced connectivity, the journey towards supply chain optimization is one of endless innovation and discovery. Emerging technologies such as blockchain, robotics, and predictive analytics are reshaping the logistics landscape, offering unprecedented opportunities for optimization, automation, and value creation. By embracing a culture of innovation and collaboration, businesses can stay at the forefront of technological advancements, drive continuous improvement, and unlock new avenues for growth and competitiveness.
Conclusion: Setting Sail Towards Success
In conclusion, the transformative power of 3PL warehouse management software is reshaping the landscape of modern commerce, empowering businesses to navigate the supply chain seas with confidence, agility, and foresight. By unlocking unparalleled visibility, driving operational efficiency, and enhancing customer experiences, 3PL warehouse management software serves as a beacon of innovation in an increasingly competitive marketplace. As businesses chart their course towards success, investing in 3PL warehouse management software isn’t just a strategic choice—it’s a voyage towards unparalleled growth, resilience, and prosperity in the digital age and beyond.
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