Digivault becomes the first FCA registered digital asset custodian to custody Polkadot
28 Sep, 2021, 05:49 ET
LONDON, Sept. 28, 2021 /PRNewswire/ -- Digivault, the industry accredited, highly secure, and insured digital asset custody business of Nasdaq listed EQONEX Group (Nasdaq: EQOS), has become the first custodian, registered by the UK Financial Conduct Authority (FSA), to custody the crypto asset Polkadot (DOT).
Founded by Ethereum co-founder Dr. Gavin Wood, the DOT token is the native token of the Polkadot network, which aims to unite an entire network of blockchains, allowing them to communicate seamlessly and perform transactions at scale.
Digivault operates to the highest industry security standards, using FIPS140-2 validated hardware security modules (HSMs). The solution is Cyber Essentials Plus accredited (a Ministry of Defense designed accreditation) and was recently certified under the ISO27001 standard. Both Helios (Warm Solution) and Kelvin (Cold Solution) are penetration tested to CREST standards of certification.
Digivault uses a unique enhanced certificate standard for communicating public keys, multi-factor authentication, and full backup/recovery system.
Polkadot's DOT token has extremely high potential and is already in the top 10 of crypto assets by market capitalization. Polkadot platform solves issues inherent in first-generation blockchains, such as scalability, governance, and interoperability, allowing the communication between blockchains that are then controlled from a security and governance perspective by the core "Relay Chain". Most other custodians have not been able to support DOT yet because of the highly complex nature of the substrate architecture.
"While the advanced nature of Polkadot makes the custodial integration more complex than other blockchains, we felt that it was essential to give people the ability to hold such a unique asset within a regulated custodian," said Rob Cooper, CEO of Digivault.
"Polkadot offers the capability to interoperate with a wide variety of blockchains across the Polkadot network, it has great scalability and efficiency which coupled with the built-in governance avoiding hard forks provides a future-proof blockchain."
Today's news highlights the expansion of Digivault's custody offering, which includes custodial services for Bitcoin, Ethereum, USDC, as well as other assets that are hosted on ERC-20 and ERC-1400 protocols.
Since May when Digivault announced that it had become the first stand-alone digital asset custodian to receive approval from the FCA to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017, it has is experienced a steady increase in client inquiries from both institutional investors and corporate treasurers holding crypto assets.
Mr. Cooper added: "We are seeing significant demand for our solutions that offer the regulatory oversight and protection that investors are now demanding as they make the wholesale shift into crypto assets. Today's announcement and the inclusion of DOT into our platform shows how we are responding to client needs as they mature and look at the next generation of blockchains."
Digivault provides digital asset custody that integrates physical and virtual security, giving institutions tangible solutions in a rapidly evolving world. We deliver a powerful custodian that combines multiple layers of protection, eliminating the need for trust in a single person or group of people. As part of a Nasdaq-listed company, we are accountable to the SEC, meaning increased regulation. However, we eliminate the need for trust through our processes and technology, providing our clients with peace of mind. For more information visit: www.digivault.com
Follow Digivault on social media on Twitter @Digivaultglobal and on LinkedIn
EQONEX is a digital assets financial services company focused on fairness, governance, and innovation. The group encompasses cryptocurrency exchange EQONEX as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform, Access Trading, a securitization advisory service EQONEX Capital, market leading hot and cold custodian Digivault, and asset manager Bletchley Park.
For more information visit: https://.group.eqonex.com.
Follow Eqonex on social media on Twitter @eqonex, on Facebook @eqonex, and on LinkedIn.
This press release is provided by Diginex Limited ("Eqonex") for information purposes only, is a summary only of certain key facts and plans of Eqonex and includes forward looking statements that involve risks and uncertainties. Without limitation, the press release does not constitute an offer or solicitation in relation to any securities or other regulated products or services or to make use of any services provided by Eqonex, and neither this press release nor anything contained in it will form the basis of any contract or commitment whatsoever. This press release has not been reviewed by any regulatory authority in any jurisdictions. Forward looking statements are statements that are not historical facts and are subject to risks and uncertainties, which could cause actual results or outcomes to differ materially from the forward-looking statements. Most of these factors are outside of Eqonex's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: Eqonex's limited operating history and history of net losses; Eqonex's ability to execute its business plan; the rate and degree of market acceptance of Eqonex's products; failure to obtain the requisite regulatory licenses and qualifications or establish partnerships with entities in certain jurisdictions to satisfy regulatory requirements; changes in laws or regulations; litigation and regulatory risks; Eqonex's inability to successfully identify, hire and retain skilled individuals; competition; Eqonex's inability to successfully develop technology to service its business lines and keep pace with rapidly changing technology and client or regulatory requirements; risks of cyber incidents; reliance on vendors and third-party service providers; inability to protect or preserve its proprietary rights and the risk of infringing on the intellectual property rights of others; potential conflict of interest arising from managing different business lines; risks of employee misconduct and manipulation of distributed ledger networks and smart contract technology by malicious actors; risk of Eqonex losing access to its private keys or data loss relating to its digital asset investments; the ability of Eqonex to grow and manage growth profitably; general economic and market conditions impacting demand for Eqonex's products and services, other business line specific risks and such other risks and uncertainties included in Eqonex's Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on June 30, 2021, including those under "Risk Factors" therein, and in Eqonex's subsequent filings with the SEC, which are available on the SEC's website at www.sec.gov.
In addition, any forward-looking statements contained in this press release are based on assumptions that Eqonex believes to be reasonable as of this date. Eqonex undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Copyright (c) Diginex Limited 2021.
Share this article