World's first "cold storage" vault for cryptocurrencies launched by a gold trading company in Dubai
The Dubai Multi Commodities Center (DMCC) has given Regal RA DMCC, a gold trading company in Dubai, the first cryptocurrency trading license in the Middle East. The company has then launched the “world’s first” cold storage vault for crypto, according to a press release on the DMCC’s site.
Regal RA DMCC is a subsidiary of Regal Assets, which is a gold investment company.
Ksenia Kiseleva, manager of the Dubai Regal Assets office, said that Regal RA is planning to apply for crypto licenses in other countries as well, and is currently developing an online trading platform for all crypto-commodities. Kiseleva notes that Regal RA sees cryptocurrencies as a “commodity” instead of a payment method, according to Bloomberg.
According to the DMCC, crypto investors trading in Bitcoin (BTC), Ethereum (ETH), and other altcoins will be able to store their coins offline in what the company calls the "world’s first deep cold storage for crypto-commodities". Regal RA’s cold storage vault is touted as one of the "most secure precious metal facilities in the world" and located in Almas Towers, Dubai, the DMCC Free Zone headquarters. DMCC promises crypto assets will be "physically insured" against natural disasters and hacks.
Generally, cold storage of cryptocurrencies means that the crypto is stored offline, directly on a hardware wallet, as opposed to a wallet or third-party service connected to the internet that could be vulnerable to attacks or scams.
Dubai had already been at the forefront of the Middle East crypto world when it announced in October 2017 that it would be releasing its own local-government backed cryptocurrency called emCash.
Original article here: (1) https://cointelegraph.com/news/dubai-gold-trading-company-launches-worlds-first-cold-storage-vault-for-crypto
(2) http://www.aimhighwithvanicci.com/worlds-first-cold-storage-vault-for-cryptocurrencies-launched-by-a-gold-trading-company-in-dubai/
*Featured Image via DMCC
Let me know what you guys think in the comments below 😀👇
I think there is going to be big gains to be made in this space world wide. As more and more people adopt and the value of wallets grow, we will need safe deposit box type services to keep our offline private keys backed up and offsite from our homes.
I totally agree with you @thinkingishard :)