Decentralized, hardware-based solution designed to address vulnerability issues and support the institutional market’s security requirements
NEW YORK and LONDON and HONG KONG, 9 February 2023 /PRNewswire/ — Vaultavo Inc. (www.vaultavo.com) has developed a patent-pending crypto custody solution to meet the security requirements of the institutional market and its clients.
Vaultavo Custody Solution combines the world’s first biometric smart card for digital asset custody with state-of-the-art proprietary vaults and secure SaaS digital platform and access portals, to create a solution that reinvents custody as we know it today.
The integrated hardware and software solution protects digital assets by creating and managing the private blockchain key on the bank-grade secure Vaultavo card – a decentralized approach to security that mirrors cryptocurrencies, Web3 and DeFi and differentiates itself from competing solutions that have attempted to provide security in a centralized manner.
The secure element of the Vaultavo card, the foundation of the solution, has EAL7 security certification, making it more secure than most, if not all, other custody solutions. The Vaultavo card is the same size and thickness as a bank card, has a built-in biometric reader, an E Ink display, rechargeable battery and Bluetooth, NFC and USBC connectivity options.
The patent-pending technology was developed to address one of the critical roadblocks to crypto’s expansion – the vulnerability of online commerce, transactions and protection of digital assets. The size and scope of the problem is monumental; according to blockchain data provider Chainalysis, the number of illegal transactions increased for the second consecutive year in 2022, reaching a record high of 20.1 billion dollars.
“Unlike other providers that have to trade availability for security, Vaultavo Custody Solution is designed to meet all the challenges of crypto custody,” said Philip Meyer, CEO, Vaultavo. “Ours is the only solution that guarantees the highest level of security while allowing the easiest level of accessibility and use. It has the potential to make the use of digital currencies as common as debit cards for institutions and their customers, thereby increasing participation in it new digital economy. This solution will go a long way to ensure that the long tail of crypto starts to trust the industry again.”
Vaultavo’s protected IP technology is fully configurable, enabling multiple custody and self-storage configurations and multiple use cases:
- Central banks, commercial 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
- A first-to-market feature: commercial banks and other institutions that offer self-custody to their customers
- Independent self-deposit for the retail market
Initial institutional clients
Vaultavo’s first customer is Revix, a Cape Town, South Africa cryptocurrency investment platform that allows users to safely invest in technologies and asset classes.
“Vaultavo is a crucial partner for our business; the company will give us the ability to essentially offer all of our customers a biometric card where customers can essentially and securely transact with crypto,” said Sean Sanders, CEO of Revix. “Vaultavo is doing something that no other provider in the market is doing right now – giving users the ability to take care of their cryptocurrency without losing control of their assets. They are the key to finally getting us to the position we’ve been wanting to get to for a long time, meaning our customers can use crypto for real-world purchases like getting a cup of coffee.”
Myna Accountantsbased in Great Britainis a world leader cryptocurrency accounting and professional services firm working with crypto clients of all types including exchanges, DeFi protocols and decentralized autonomous organizations.
“We are very excited about this new technology and this new approach to one of crypto’s biggest challenges, custody and self-custody,” said Joe David, Managing Director and Founder, Myna Accountants. “They take something that has been fundamentally difficult and full of challenges and make it easy and secure for both Myna and our customers to use. Our partnership with Vaultavo will ultimately create value for Myna’s customers and enable us to offer best-in-class and ground-breaking services for them.”
The Revix installation is planned for the first quarter of 2023 with general marketplace rollout in 2023.
A product description video can be seen here. Additional editorial resources, including a schematic diagram, downloadable high-resolution images, executive biographies and images, and a company fact sheet are available here.
About Vaultavo Inc.
Vaultavo Inc. (www.vaultavo.com), based in New York with facilities in London and employees in Hong Kong, South Africa and Malta, is a fintech startup focused on developing a crypto custody solution to support the adoption of digital currencies by institutions and their customers. The company’s solution addresses the vulnerability of online shopping, transactions and protection of digital assets. Vaultavo offers digital currency holders the protection of cold storage security with easy access to their crypto assets similar to using a credit or debit card.
Contacts:
Feintuch Communications
Liz Savery / Henry Feintuch / Ashley Blass
917-805-4581 / 646-753-5710 / 646-753-5713
Mediaroom: https://www.feintuchcommunications.com/Vaultavo
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