Thursday, February 15, 2018

Dubai gold company to open cryptocurrency vaulting service that will include insurance from hacks

In the crypto world, two of the biggest issues that owners of virtual currencies need to deal with is the threat of cyber theft (hacking), and exchanges going insolvent.

So a company located in one of the world's financial hubs is seeking to help alleviate these and other risks by opening a 'cold storage' vaulting service for cryptocurrency holders which would also provide physical insurance in the case of either natural disasters or theft by a cyberhack.

The Dubai Multi Commodities Center (DMCC) has given a gold trading company in Dubai the first cryptocurrency trading license in the Middle East, and the company has responded by launching the “world’s first” cold storage vault for crypto, according to a press release on the DMCC’s site. 
Regal RA DMCC, the company that received the crypto license, is a subsidiary of Regal Assets, which is a gold investment company. 
Ksenia Kiseleva, manager of the Dubai Regal Assets office, said that Regal RA is planning to apply for crypto licenses in other countries as well, and is currently developing an online trading platform for all crypto-commodities. Kiseleva notes that Regal RA sees cryptocurrencies as a “commodity” instead of a payment method, according to Bloomberg
According to the DMCC, crypto investors trading in Bitcoin (BTC), Ethereum (ETH), and other altcoinswill be able to store their coins offline in what the company calls the “world’s first deep cold storage for crypto-commodities”. Regal RA’s cold storage vault is touted as one of the “most secure precious metal facilities in the world” and located in Almas Towers, Dubai, the DMCC Free Zone headquarters. DMCC promises crypto assets will be “physically insured” against natural disasters and hacks. 
Generally, cold storage of cryptocurrencies means that the crypto is stored offline, directly on a hardware wallet, as opposed to a wallet or third-party service connected to the internet that could be vulnerable to attacks or scams. – Coin Telegraph

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