Cryptocurrency investors that can’t access the millions of dollars’ worth of digital currency because of a lost or forgotten password can rest easy knowing their investment is safe.
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Carverr is a cold storage data vault developed by a group of asset managers and biotechnologists that uses synthetic DNA to store cryptocurrency passwords.
“We basically convert the binary code behind these passwords into the letters of A, T, C and G and then essentially print them,” Carverr CEO and co-founder Vishaal Bhuyan said during an exclusive interview with FOX Business’ Liz Claman on Thursday.
The abbreviation A, T, C, and G represents a particular nucleotide that makes up the rings of the DNA ladder.
Your cryptocurrency password can be stored inside a drop of liquid in a micro tube of DNA that contains an estimated quadrillion copies of a digital wallet.
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Some major banks have shown an interest in cryptocurrency-related services.
Morgan Stanley is joining Citigroup with plans to offer bitcoin trading to clients. The banking giant reportedly has the infrastructure in place to launch bitcoin swap trading as soon as it sees enough demand from institutions.
Goldman Sachs recently dropped its original plans to open a desk for trading digital currency over the unclear regulatory framework for cryptocurrencies.
Bhuyan predicts future banking transactions such as credit default swaps and your mortgage will be converted into a digital asset that could be represented by a code.
“It’s all about consolidating those codes and keeping them offline when you are not using them, and retrieving them when you need them,” he said.
