World's First Insured Bitcoin Storage Service Launches in the UK
The world's first insured bitcoin storage service has launched in the UK, with insurance underwritten by Lloyd's of London. Named Elliptic Vault, the service uses advanced "deep cold storage" techniques to secure its customers' bitcoins. Deep cold storage involves the use of both strong encryption and secure physical locations. Tom Robinson, co-founder of Elliptic, which is based in London, said: "Securing your bitcoins involves implementing advanced encryption and even then you are still at risk of losing them. Elliptic Vault secures your bitcoins for you and is insured against theft or....
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Secure bitcoin storage service Xapo Ltd. has managed to raise $20 million in first-round funding from Benchmark Capital, Ribbit Capital, and Fortress Investment Group LLC. The service, which has several thousand accounts set up, is fully insured by Meridian Insurance, and will allow end users to safely store away their bitcoins in addition to using a web-based bitcoin wallet. The company's servers are set up in undisclosed locations below ground, protected by armed security guards, according to Wences Casares, Xapo founder and CEO. "We are the first Bitcoin vault fully protected and....
Ireland's first bitcoin ATM operator BitVendo has teamed up with Merrion Vaults - a Dublin-based safe deposit box facility - to offer an "ultra-secure" bitcoin cold storage service. BitVendo is planning to offer three different cold storage packages, starting at €70 per year. The entry-level tier is designed for consumers with less than €5,000 worth of bitcoin holdings. The company told CoinDesk: "Our top package works off 2% of the insured bitcoin holdings. It comes with encrypted phone support, express withdrawal service, private meeting rooms, anti-tiger kidnapping measures and some....
PRESS RELEASE. One of the star projects of the emerging Polkadot ecosystem, Crust Network, recently completed a several million dollar Series A financing round in September, with investors including NGC Ventures, SNZ, HashCIB, DFG, KNS Group and AU21 Capital. In 2020, Crust Network joined the Substrate Builders Program, and won a grant from the Web3 Foundation. In one of the key stages of Crust Network launching decentralized cloud services to users worldwide, Crust has revealed more details about their Storage Market design, a network storage resource trading market that allows storage....
Elliptic and Gem have announced a new partnership today that will involve Elliptic acting as a trusted and independent third party for the purposes of securely storing the third (backup) private key used on the Gem platform. In the past, multisig wallet users have been in control of their own backup private keys, but this new offering from Gem and Elliptic could offer a higher level of security for individuals who do not wish to take care of their own backup solutions. Up to this point, Elliptic has been an insured bitcoin storage provider for a variety of banks and exchanges who need to....