Gem Partners with Elliptic for Insured Storage of the Third Key
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....
Related News
The relationship between Lloyd's of London and bitcoin storage service Elliptic Vault broke down just weeks after Elliptic's launch in January, it has emerged. Elliptic Vault was the first insured bitcoin storage service in the world and was widely hailed as a milestone for the industry. The exact details of how the relationship between Lloyd's and Elliptic broke down are unclear, with Elliptic COO Tom Robinson saying his impression was that Lloyd's pulled out "due to the high level of publicity" around the deal. In turn, a Lloyd's spokesperson claimed Elliptic never actually finalised the....
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....
Bitcoin storage specialists Elliptic have reportedly raised $2 million in investment capital from Octopus Investments. Elliptic is the first United Kingdom-based company involved with bitcoin to receive a major investment such as this one. The company, launched approximately six months, is looking to offer digital asset services, primarily for businesses and financials institutions. One such service is Elliptic Vault, a storage solution that's fully-insured and as one would expect, highly secure. "We want to make it very easy for companies to use. If they're used to other types of....
Bitcoin vault service provider Elliptic has partnered with the developer-focused Bitcoin platform provider Gem to further enhance the security of their multi-signature wallets. Elliptic made an official announcement regarding the same on its twitter page today. Generally, a multi-signature Bitcoin wallet needs three unique private keys for the authorization of a transaction. The owner of the wallet holds two of these private keys while the wallet provider holds the third. As per the information conveyed, Elliptic will act as a trusted and independent third party to provide insured storage....
Digital currency storage service Elliptic has obtained ISAE 3402 accreditation - a global standard for financial reporting - from auditing specialist KPMG. The ISAE 3402 Type 1 or SOC1/2 review scrutinises various aspects of a business, including financial controls, regulatory compliance including AML and KYC measures, financial controls, code deployment, disaster recovery, segregation of duties and offline bitcoin storage techniques. The UK-based storage provider says it is the first bitcoin company to receive the accreditation and that ISAE 3402 indicates that the firm operates with the....