If you’re not familiar with the new service blockvault then fear not, we’ve got you covered. Blockvault is a qualified cold storage custodian that is designed to provide fully insured and auditable third-party solutions. Blockvault is filling a gap in the cryptocurrency world by protecting cryptocurrency assets against theft, destruction, and damage. A much needed service in this fledgling industry.
It offers storage services across three continents. It is very beneficial for financial institutions, investment funds, miners, lenders, exchanges and crypto asset dealers. Blockvault is also used in handling cryptocurrency operations, but how? What are the benefits of Blockvault in cryptocurrency?
This article aims to describe the importance of blockvault and how it will benefit you.
How Blockvault works for the Cryptocurrency Market?
Blockvault is a project powered by Goldmoney. Goldmoney, if you don’t already know, is an organization that allows users to invest in precious metals like gold, silver, etc. It has been in operation since 1999 and owns over $100 million capital with no debt. Based in Toronto, it safeguards over $2 billion in customer assets.
On September 28th, 2017, Goldmoney announced its decision of adding Bitcoin and Ethereum as secure and fully-reserved offline investable assets within the Goldmoney with the ability to buy, sell and exchange cryptocurrencies including gold, silver, platinum and palladium bullion.
All the procedures regarding the cryptocurrencies will be handled by its children organization, Blockvault. Blockvault has its own subsidiary called Coldblocks and this is where the core operations of cryptocurrency handling take place.
Users can invest their cryptocurrency to Coldvaults and it will undertake the responsibility of protecting them. Note that Goldmoney is specialized in protecting physical assets like metals but cryptocurrency is a pure digital asset and it has its own security protocols.
That’s why Goldmoney subdivided it into Blockvault so that it can handle the cryptocurrency business efficiently without causing any hindrance. Goldmoney clearly established itself as one of the largest and most well-capitalized providers in the digital asset and cryptocurrency center.
How will this Technology add value to the Cryptocurrency Market?
Number one benefit that comes with Blockvault is strong security. Buying and selling of cryptocurrencies will be secured when it is done through Blockvault. Without blockvault, your cryptocurrencies’ transactions will always be at risk of loss, theft, damage or destruction.
The next benefit we can see that borrowing of digital assets in an exchange for the physical one will be efficiency and smoothness. It works on peer-to-peer lending capabilities on digital assets in partnership with Lend and Borrows Trust, allowing owners of Bitcoin and other assets to safely borrow against their positions.
Moreover, you can use web-based account management, client designated, and controls. It will definitely add greater value to the cryptocurrency market.
Blockvault is perhaps the best custodian service in the market. Although it offers services for only two coins for now (Bitcoin and Ethereum), it is utilizing all the expertise of its parent company Goldmoney.
Goldmoney has a reputation for handling physical assets and Blockvault is on its way to become the number one handler of digital assets like cryptocurrency. If there are two things you need to look for in a cryptocurrency business, it is safety and reliability. We highly recommend Blockvault as it hits the right notes when it comes to being safe, reliable and secure.