The need for insurance and security of the digital assets has led to the development of Australia’s first ever cold storage vault. Decentralised Capital, a Blockchain and Investment company based in Australia is set to launch the very first crypto vault storage in the country. The venture is being carried out in partnership with Custodian Vaults, the subsidiary of the Pallion group, which deals in precious metals.
Australia’s flourishing crypto industry and the rising demand for digital currency storage has prompted the move. Stephen Moss, the director of Decentralised Capital spoke of the brand new crypto vault as an initiative to grab hold of the upcoming growth opportunities in the digital currency storage market.
In an interview to the Australian Financial Review, Moss was quoted as saying, “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.”
The idea of cold storage is not new. Many investors keep their public and private keys safe in devices like USB drives. However, these storage devices can risk users’ data by appearing on the hackers’ radar when online.
The new features accessorizing Decentralised Capital’s cold storage vault are physical surveillance, biometric identification, CCTV monitoring, PIN codes and even alarm systems to protect investors’ cryptocurrencies.
After providing the services of protecting other conventional financial assets, the Pallion group is now stinting in the growing cryptocurrency storage market. The director of the company, Janie Simpson said, “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.”
The step comes across as a boon in the times plagued by numerous incidences of hacking and cryptocurrency thefts making their way to the headlines every week. Safe cold storage vault will restore faith and confidence of the investors in the cryptocurrency.