Decentralised Capital Cold Storage Vault for Aussies Is Here
The Australian crypto trading community has a new cool storage option in Decentralised Capital’s cold storage vault. The vault is operated in partnership with Custodian Vaults, which is part of the Pallion Group.
First kind of product
Decentralised Capital is a first of its kind product in the Australian cryptocurrency ecosystem. The setting up of a vault is a clear signal across the industry circles that the digitized assets of virtual coins are set to become a mainstream product. Among the several alternate coins in the market, Bitcoin has received a universal market response and continues to expand in its availability across geographic regions.
Decentralised Capital is founded by Stephen Moss, and he is also its current Director. The beginning of vault and storage services in these parts of the globe, was an event just waiting to happen, he opines. A vault becomes a critical necessity as the number of coins increases their market availability. The primary reason for the vault is to address a niche solution- “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 principle of cold storage is not a revolutionary idea and is used mainly in the IT industry for the storage of many of the computing peripherals such as USB drives. The concept is now being expanded to storage another form of asset. This time around it is for storing crypto coins. In more practical terms this is essentially the storing of crypto wallets. But wallets are at risk from hackers when they are used online. Hence, an offline storage position is essential, to minimize the risk of physical theft of the wallet or the currencies.
Where Decentralised services will differ is that it gives direct access to crypto funds which combine security measures, related to CCTV monitoring as well as biometric identification, physical surveillance, PIN codes, fire control systems as well as alarm systems.
The ideal users of this type of cold storage vault will be institutional investors, as well as crypto exchanges, besides ICO issuing agencies. The advantages these services will bring forth to users is the weaning away of the stored currencies from the online and constant threats of the internet.
Technology on internet
The technology to remain on the internet, but away from the constant prying of hackers is by providing an internal WiFI system within the vaulting systems. The concept was developed in order to ensure safety internally and to protect the outward transfer of cryptocurrencies.
Pallion Group has ventured into this industry space with this key collaboration after much research and deliberation. Director Janie Simpson of Pallion says, “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.”