Blockchain-based digital financial service provider Diginex announced the launching of a digital asset custody service, “Digivault.” Through its Kelvin offering, Digivault aims at providing a cold storage solution for the digital asset, including Bitcoin and Ethereum.
Regarding the need for custody services for cryptos, Diginex’s CEO, Richard Byworth, stated that there is a need for a highly secure, institutional-grade cold storage facility to promote widespread adoption of digital assets by institutional investors.
“Our unparalleled security measures will provide peace of mind to investors who have an appetite for this burgeoning asset class.”
The blockchain & cryptocurrency industry has lost about $4.26 billion in thefts, scams and shady transactions till now in 2019. Digivault has joined hands with Malca-Amit for providing custody services. Malca-Amit is a secure logistical service provider for diamond and jewelry industries worldwide. Speaking about the security of the services, James Byrne, CTO at Digivault, said,
“we have leveraged the custody practices employed in the safekeeping of rare diamonds and ultra-precious metals.”
Additionally, the firm has amalgamated experts from finance as well as security sectors to develop the new system. After this collaboration, Digivault will be able to stock the client’s assets next to gold and silver in select locations in Europe and Asia.
Digivault uses an air-gapped transaction process that does not require any conventional USB or electronic device. The deep clod storage solutions of Digivault are based on Hardware Security Modules to safeguard digital assets using physical objects like key cards. On top of that, air-gapped technology eliminates the use of WiFi, Bluetooth, or NFC that reduces the threat of hacking. Digivault’s CEO, Robert Cooper, elaborated that the sophisticated custody solutions will “nullifies human risk, removes the ability for staff exploitation through criminal action.”