Bitcoin, often seen as the premier digital asset, faces challenges in self-custody as many still rely on trusted intermediaries. Circuit, a digital asset recovery firm, aims to address this by launching its institutional crypto recovery engine, utilizing Automatic Asset Extraction (AAE) technology. This system automatically secures assets in a vault if a private key is lost or a threat arises. The service has already partnered with two institutions: UAE-based custodian Tungsten and Palisade, a provider for crypto exchanges. CEO Harry Donnelly emphasizes the need for recoverable assets to encourage institutional adoption, noting that the irreversible nature of crypto hacks deters many. While some Bitcoin advocates view lost coins as a network donation, Donnelly argues this perspective is impractical for institutions. Estimates suggest that between 2.3 million and 3.7 million BTC are lost, highlighting the importance of custodial solutions. Donnelly points out that true self-custody is complex and risky, underscoring the role of intermediaries in traditional finance. Read more AI-generated news on: https://app.chaingpt.org/news

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