The value of digital assets along with the technology infrastructure that supports them can no longer be ignored, as evidenced by the notable increases in cryptocurrency participation we saw in 2021.
Digivault, the digital asset custodian of the Nasdaq-listed cryptocurrency exchange, has achieved a 30-fold increase in assets held in calendar year 2021.
The cryptocurrency, which has already supported 50 tokens including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Polkadot (DOT), has now added Ripple (XRP) to its custody assets.
XRP, the embattled crypto
The timing is very interesting as the company does not appear to be concerned about the potential fallout arising from the ongoing SEC lawsuit against Ripple.
Crypto exchanges like Coinbase and crypto asset managers like Grayscale dumped XRP at lightning speed as soon as the Securities and Exchange Commission filed a complaint against Ripple Labs and CEOs Brad Garlinghouse and Chris Larsen on December 22, 2020.
The cryptocurrency exchange scene in the US has not changed since then. XRP has lost all of its previous relevance in the trading arena in this jurisdiction and is expected to remain that way until the lawsuit ends either by settlement or a court ruling.
However, Digivault decided to go the other way and added XRP to the list of custodial assets as it faces strong demand, especially since its partnership with Asset Reality, which opened the doors to a broader client base, including seasoned investors. , family offices, fund managers, as well as law enforcement agencies and governments.
Robert Cooper, CEO of Digivault, said, “The value of digital assets along with the technology infrastructure that supports them can no longer be ignored, as evidenced by the notable increases in cryptocurrency participation we saw in 2021. But this increase in participation highlighted Also about the risks of security breaches and intrusions. The growth of our business reflects this growing awareness by industry participants to be more discriminating in the selection of approved and regulated service providers.”
“In the coming year, we will maintain our focus on raising industry standards, raising awareness of ways to safely participate in the marketplace and by protecting our customers by continuing to expand the list of assets we can securely store for them.”
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The UK’s first certified trustee
Digivault is unlikely to offer its services to US companies at this time due to the current stalemate in the country. However, the custodian has a large market to attend as the UK remains one of the largest financial centers in the world in addition to Singapore, where EQONEX is headquartered.
Digivault is the first independent custodian registered with the Financial Conduct Authority (FCA) under the Crypto Asset Scheme. The custodian uses Hardware Security Modules (HSMs) that have been validated in accordance with FIPS14-2.
The solution is Cyber Essentials Plus Certified (Department of Defense Approval) and IS027001 certified. Both Helios (Warm Solution and Kelvin (Cold Solution) and penetration testing to CREST certification standards.
Digivault also uses an improved certificate standard for public key delivery, multi-factor authentication, and a full backup/recovery system.
The EQONEX group includes the EQONEX cryptocurrency exchange, over-the-counter trading platform, integrated front-to-back trading platform, Access Trading, securitization advisory service EQONEX Capital, quick custodian Digivault and asset manager Bletchley Park.