Blockchain and investment company Decentralized has revealed its launch of Australia’s first ever cryptocurrency vault. The vault was developed in partnership with Custodian Vaults, a subsidiary of Pallion Group, a precious metal company.
Stephen Moss, founder, and director of Decentralized Capital noted it is anticipated that the new crypto vault will take advantage of Australia’s increasing marketing for cryptocurrency storage solutions, and it acts as an indication that bitcoin is a bona fide long-term asset.
After a series of high profile hacks at leading exchanges, amounting to losses worth hundreds of millions of dollars, industry players have had a growing interest in cold storage, which allows private keys are kept offline and away from internet fraudsters. The new crypto vault by Decentralized hopes to take advantage of this interest, marketing itself as Australia’s first insured cryptocurrency vault.
Speaking in an interview, Moss referred to the industry’s need for safe and reliable crypto storage services. Giving his view on the crypto industry and explaining the issue his firm is handling, he noted:
“This is a solution for the next phase of the industry and it gives real security…You can’t hack your way into the safe…In my opinion, bitcoin will not be remembered as the bubble, but the pin. While the short-term future of bitcoin may be debatable, the blockchain and its benefits are not.”
Cold storage is not a new idea, as it is used by a large number of crypto holders using computer peripheral storage devices including USB drives to keep crypto wallets. Such devices, though, may still be vulnerable to hackers once they are connected to the internet, and even when offline, there are still chances of a physical theft risk.
According to Moss, the new Decentralized storage services allows its users direct access to their crypto funds using a series of security measures such as CCTV monitoring, physical surveillance, biometric identification, PIN codes, alarm systems and fire control systems.
The service aims at high net worth individuals, institutional investors, crypto exchanges, and ICO issuers, providing them all the benefits of cutting-edge cold storage along with an in-house private WiFi room to allow safe inward and outward cryptocurrency transfers. In case of a serious failure of all defenses, all cryptocurrency holdings are also insured.
Having seen the growth rate, Custodian’s parent company, Pallion is now trying to get in on the increasing crypto storage market.
“While traditionally we have offered secure vault services for clients storing precious metals and other assets, we are increasingly receiving interest from clients searching for solutions to store cryptocurrency,” said Director Janie Simpson said.