Gold Trading Company Launches 'World's First' Cold Storage Vault For Crypto
One of the most frequently asked questions is where to securely store your cryptocurrencies. They can be stored on cold (off-line) or hot (on-line) wallets. The major difference being is that cold wallets are not connected to the internet and hot wallets are connected to the internet, which potentially could get hacked, as we hear on daily basis of new thefts. However, now we have a new breakthrough when it comes to cryptocurrency and security measures. Let’s have a look at a very interesting new venture.
The Dubai Multi Commodities Centre (DMCC) has given a gold trading company in Dubai the first cryptocurrency trading license in the Middle East, and they 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, is the company that has 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 in the process of 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 and Ethereum, and other altcoins will 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.
What cold storage of cryptocurrencies actually means is that the cryptocurrency 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 and scams.
Beginning of February, Abu Dhabi’s Financial Services Regulatory Authority (FSRA) announced that they are working on regulations for cryptocurrencies, Initial Coin Offerings (ICO), and crypto exchanges, which are as of yet unregulated throughout the United Arab Emirates (UAE).
Dubai has since last year been at the forefront of Middle East crypto world when it announced last October 2017, that it would be releasing its own local- government-backed cryptocurrency called emCash.
Source: Molly Jane Zuckerman, CoinTelegraph.com