Bobos & Wojaks

Get Rich Or Die Tryin

Swiss Bunker Opens Vaults To Crypto Investors

At a time when traditional banks are refusing to touch cryptocurrencies, Swiss Crypto Vault  is establishing itself as a quasi-private bank for bitcoin and other tokens. The vault does not require a banking licence to function because it does not combine client assets with the company’s own balance sheet.

 

The vault meets a rising need among HNWIs, hedge funds, and family offices for a more secure way to store huge sums of cryptoassets, which are routinely targeted by hackers. Criminals have even attacked bitcoin millionaires in their own homes, demanding the digital private keys that allow them to access their cryptocurrency wallets.

 

The development comes as an increasing number of wealthy individuals and organisations engage in blockchain start-ups through ICO crowdfunding platforms.

 

During an ICO, start-ups raise money from the public by selling tokens that can be used to fund new technologies or simply traded for profit. Cryptocurrency investors are the most common buyers of the tokens.

This year’s first three months have significantly surpassed the figure for the entire year. HNWIs and professional investors are estimated to account for more than 80% of this money, according to observers.

 

Swiss Crypto Vault has placed its “banking grade” servers deep within a secret location in the Alps, leveraging Switzerland’s reputation for discretion, political stability, and rising blockchain competence. Clients can securely store their cryptoassets and withdraw them from anywhere in the world using a dedicated web site.

 

To add an extra degree of protection, the client, Swiss Crypto Vault, and a third-party handling partner must all validate withdrawals at the same time – similar to how multiple key holders are required to open a bank vault’s safe deposit box.

 

Swiss Crypto Vault is a joint venture between Bitcoin Suisse, a Zug-based crypto financial services organisation, and Swiss Gold Safe, an alpine vault that houses precious metals, art, and other valuables. Clients may store bitcoin, bitcoin cash, ether, litecoin, bitcoin gold, and all ERC20/233 tokens now, with more coming soon.