Australia will soon get its first insured offline vault for storing cryptocurrencies. The service will be provided by the blockchain assets and investment company Decentralised Capital, in partnership with the provider of vault and safety deposit boxes Custodian Vaults, the Australian Financial Review reported.
Decentralised Capital’s founder and director Stephen Moss told the publication that the crypto vault comes as a response to Australia’s growing market for storage solutions in the digital currency market. The service offered by the two companies will give clients direct access to their funds. It will also include a series of serious security measures, including CCTV monitoring, physical surveillance, biometric identification, PIN codes, alarms and fire control.
Moss also told the Australian Financial Review he did not believe Bitcoin to be a bubble and this is why his company is offering this new service.
“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,“ Moss said. „While the short-term future of bitcoin may be debatable, the blockchain and its benefits are not.”
Storing one’s virtual currencies in a proper offline ban-grade vault is probably the most foolproof way to ensure they do not get stolen, particularly against the background of a spate of multimillion hacks of cryptocurrency exchanges in the past few months. There is also the option for offline storage on USB sticks and external hard drives, but there is also the risk of those getting hacked, once connected to the internet, or simply lost or stolen from one’s home.
Decentralised Capital’s crypto vault service is by far not the first in the world. Xapo, for example, offers the option to hide your cryptos in an underground vault, while the Canadian VersaBank offers VersaVault – a safety deposit box to keep digital coins.
This article appeared first on Cryptovest
