Digivault Unveils Cryptocurrency Custodial Solution, With Keys Held Offline

Digivault, subsidiary of Diginex, a cryptocurrency company listed on Nasdaq, has unveiled a unique custody solution that allows safe online access permanently.

As per announcement made on April 16, the fresh custody solution, named Helix, safeguards its users against stealing and key replication, offers network safety through hardware and runs from military level safe venues.

Helix is embedded with the company’s Kelvin cold storage facilitates, which facilitates holding cryptocurrencies in the same kind of vaults used for storing silver and gold in Asia and Europe.

The custody solution meets the UK government-backed Cyber Essential Plus Certification. Robert Cooper, Digivault’s CEO, explained about the custody solution:

“We have built a scalable platform that is capable of offering custody of a number of digital assets including payment tokens and security tokens (once the appropriate licenses have been sought).”

Cooper asserts that Helios scores against its competitors when it comes to security. As per the CEO, the service “will enable Digivault to meet the tokenization needs of institutions as they expand their digital presence.”

Digivault refers Helios as “warm custody” facility, implying that it permits web based access to the cryptocurrencies in a manner similar to a hot custody solution.

Documents published by Digivault clarifies the difference between ‘warm’ and ‘hot’ custody by saying that in case of former, keys are held separately in a hardware gadget and not in a server.

The US SEC (Securities and Exchange Commission) has already endorsed the firm’s future plan related to Nasdaq listing.

As per the decision announced in July 2019, the company is planning to get listed via a reverse merger with investment holding firm 8i Enterprises Acquisition Corp. When questioned about the progress related to Diginex’ listing, Cooper stated as follows:

“Diginex remains fully committed to completing the proposed share exchange agreement subject to regulatory and shareholder approval. It is anticipated the deal will complete in June and as such our Nasdaq listing is expected then.”