Digivault today announced the launch of its Kelvin solution, offering digital asset custody services to meet the rigorous requirements of institutions.
This comes at a crucial time for the digital asset industry as losses from thefts, scams and misappropriation of funds totalled US$4.26 billion so far this year. Ciphertrace Q2 2019 Cryptocurrency Anti-Money Laundering Report
Through its Kelvin offering, Digivault will provide a vaulted cold storage solution for a range of digital asset holdings including Bitcoin and Ethereum. The product will offer enterprise-grade security, operate to global standards and provide a highly secure means of processing and storing digital assets.
Digivault has built scalable infrastructure for digital assets that meets the expectations and standards of institutional players. “A lack of highly secure, institutional-grade custody solutions has prevented widespread adoption of this asset class by institutional players. Our unparalleled security measures will provide peace of mind to investors who have an appetite for this burgeoning asset class.” said Mr. Richard Byworth, CEO of Diginex.
Digivault’s Kelvin will offer secure, digital asset deep cold storage infrastructure inside the vaults of leading storage provider Malca-Amit. This cooperation enables Digivault to store client assets next to gold and silver in vaults that meet the highest grades of bank-entrusted vault classification and to store client assets in select locations in Europe and Asia. “Our goal is to provide air-tight cold storage custody solutions for sophisticated investors with Kelvin. There is a gap in the market for a top-calibre custody cold storage solution that nullifies human risk, removes the ability for staff exploitation through criminal action such as kidnapping and removes all online electronic attack vectors, which we see as the key points of compromise in market offerings to date.” said Mr. Robert Cooper, Chief Executive Officer of Digivault
Digivault’s completely air-gapped transaction process elevates the need for conventional USB devices, or any other electronic device, to safeguard assets from the threat of hacks, the elimination of WiFi/Bluetooth/NFC capabilities reinforces this securitisation. Digivault’s deep storage cold solution is based on well-established methods using Hardware Security Modules (HSMs) to safeguard digital assets by way of securing private keys using physical objects (key cards).
“In order to develop this infrastructure, we have leveraged the custody practices employed in the safekeeping of rare diamonds and ultra-precious metals. We have developed the Digivault infrastructure with 360-degree view of security, this nexus of security protocols have been devised leveraging the expertise of cross-sector finance as well as digital asset and security experts,” added Mr. James Byrne, Chief Technical Officer at Digivault.