Vaultavo launches a new crypto custody solution

Crypto depository and security technology provider Vaultavo has launched a crypto depository solution based on biometric smart cards.

Vaultavo is a fintech startup focused on developing a crypto custody solution to support the use of digital currencies by institutions and their clients. This new patent-pending crypto custody solution relies on a biometric digital asset custody smart card as well as proprietary vaults, a secure SaaS digital platform and access portals aimed at changing the way customers view custody.

The integrated hardware and software solution was designed to protect digital assets by creating and managing the private blockchain key on the Vaultavo card, which contains banking security, according to the official press release. The product offers a decentralized approach to security inspired by cryptocurrencies, Web3 and DeFi.

A closer look at the Vaultavo card

What makes the Vaultavo card stand out compared to similar offerings is that it has an EAL7 security certification. This represents the secure element of the solution, its foundation if you like. EAL 7 certifications apply to the development of security measures for evaluation for use in extremely high-risk situations, as well as when the high value of the assets justifies the higher costs.

The card has the same size and thickness as a regular bank card, but it also includes a built-in biometric reader, as well as an E Ink screen, a rechargeable battery, a Bluetooth chip, as well as NFC and USBC connectivity options.

The press release further details that the card was created to support the expansion of crypto by addressing the issues of digital asset protection and online commerce vulnerability. According to blockchain data provider Chainalysis, illegal transaction volume increased for the second consecutive year in 2022, reaching a record high of US$20.1 billion.

Vaultavo’s protected IP technology can be configured to allow multiple custody and self-storage configurations, as well as multiple use cases:

• Commercial banks, central banks, family offices and other businesses that manage their own crypto portfolios.
• Individual customers’ digital assets held by commercial banks or other institutions under separate private keys.
• Independent self-deposit for the retail market.
• Commercial banks and other institutions that offer self-deposit to their customers.

Revix, a cryptocurrency investment platform in Cape Town, South Africa, is the first company to leverage Vaultavo’s new security solution. Company representatives highlighted how Vaultavo allows users to self-storage their cryptocurrency without losing control of their assets, which is in line with Revix’s vision of allowing customers to use crypto for everyday purchases.