Australia just received its first cold storage vault to offer more security to the rising number of digital assets. As a joint effort of Decentralized Capital and Custodian Vaults, the cold storage vault will be a great advantage for Australia’s cryptocurrency market. According to founder and director of Decentralized Capital, Stephen Moss, Bitcoin is no bubble and it is there to stay for long. Pallion the parent company of Custodian Vault offers vaults for users to secure their physical assets currently, this is their first attempt in cryptocurrency ecosystem.
The online crypto wallets have been hacked multiple times making a strong pitch for the need of a cold storage vault. The cold storage vault like the one developed by Decentralized Capital will store the digital assets and their private keys offline securing the assets and also offering the advantages of being an insured wallet. As per the Australian Financial Review’s interview report, Stephen Moss clearly stated that the future of Bitcoin is going to be massive and that is why their investment into an asset securing cold vault is the need of the time.
Using cold wallets is nothing new to crypto users but they do need to be connected over the internet for making transfers. This is the timeframe when even the cold wallets become susceptible to attacks or if the wallet is stolen, the problem becomes even grimmer. Decentralized Capital finds a solution to the security risks online and offline wallets pose to the digital assets and it gives the concept of Decentralized custody to the Australian crypto enthusiasts. The users of Decentralized Capital’s vault will get a multi-layer security that combines CCTV monitoring, PIN codes, manual surveillance, Alarms and biometric identification.
The vault opens up its customization channels for institutional investors, crypto exchanges or ICO founders. The vault automatically insures the digital assets it holds for all the users. Having seen the growth statistics, Custodian’s parent company, Pallion, is now seeking to get in on the growing crypto custody market.
