In Comes Swiss Crypto Vault, Amidst The Growing Need For Cold Storage
Niklas Nikolajsen, the founder of the cryptocurrency infrastructure firm Bitcoin Suisse, has announced the creation of Swiss Crypto Vault. Nikolajsen, along with Phillip Vonmoos, his business partner, hopes to attract the cryptocurrency holdings of institutional investors and wealthy individuals.
SCV plans on securing crypto assets through the use of encryption, multi-sig authorization, and most importantly, the use of a ‘military-grade’ bunker that can stand the worst of conditions. It is reported that PricewaterhouseCoopers will review the security of the vault, ensuring that the most effective practices are set in place.
The fact that Bitcoin Suisse has access to such a secure site is its biggest claim to fame, sporting the extreme levels of security a Swiss Alps bunker, established in the Cold War, accommodates.
This startup fills a growing gap in the industry, with institutional investors piling into the space looking for secure ways to store millions of dollars worth of cryptocurrencies.
Nikolajsen’s business partner, Vonmoos acknowledged the need for such a service, stating:
The next level for the crypto community is for additional institutions to enter the space. They will only do so if there is a super secure way of storing the assets or the private key.
The founder of Bitcoin Suisse, Niklas Nikolajsen also said:
It’s not millions anymore we’ve been moving to the bunker — it’s the next level.
Institutional investors, like banks or high net worth individuals, often lack the capability and knowledge to secure cryptocurrencies. However, SCV offers the expertise to institutional investors, charging fees for its indispensable service.
Nikolajsen has so much faith in the startup, that he moved all assets from Bitcoin Suisse to the bunker, attesting to his belief in the security of the service. SCV opens to the public today, offering a variety of secure storage services for a multitude of cryptocurrencies, like Ethereum and Bitcoin.
It is likely that SCV, along with Swiss-based Xapo, will become mainstays in this growing sub-industry, as cryptocurrency fortunes look to settle down for decades to come.
Cold Wallets V.S. Hot Wallets, The Debate Continues
Last week saw BitHumb, popular Asian-based exchange, get hacked for over $30 million worth of cryptocurrencies. It became clear the hack occurred on some of the hot wallets Bithumb has held. Although it is a common practice for exchanges to keep cryptocurrencies on hand, in hot wallets, it still doesn’t take away from the extreme levels of security cold storage offers.
Cold storage, A.K.A cold wallets, is a method of keeping cryptocurrencies away from an online environment, often generating and assessing your funds through offline services. The use of cold wallet storage mitigates most of the risk associated with online wallets, removing the fears of hackers remotely accessing your wallet.
Many cryptocurrency experts, along with cryptocurrency companies, advise users to keep all personal funds in cold wallets. Pieces of hardware, like the Ledger Nano S, offer affordable and easy-to-use cold storage options for normal consumers.
As the cryptocurrency space expands, it will make sense for consumers, along with established firms coming from outside the industry, to keep their cryptocurrency funds secure in cold storage.
Title Image Courtesy of Artur Staszewski
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