Regal RA will store cryptocurrencies in a secure physical vault offline
A little over a fortnight ago, Japanese exchange Coincheck reported 500 million NEM tokens worth $534 million were stolen from its server. That was the single largest crypto currency heist in history. It was soon revealed that the stolen tokens were stored in a “hot wallet” – a part of their systems which was connected to the internet.
One of the safest ways to store digital currency is offline. To that end, Regal RA DMCC, has opened the world’s first “deep cold storage” solution which allows customers to store their crypto currencies – Bitcoin, Ethereum, etc. – in a secure vault in Almas Tower, the HQ of DMCC in Dubai.
The Dubai Multi Commodities Market (DMCC) awarded a licence to Regal that allowed it to store cryptocurrencies. It became the first company in the Middle East to receive this license. The vault in which it will store the digital currencies also holds the firm’s stock of gold. The gold and digital currency is insured for the crypto-commodity market value against natural disaster, hacks or theft.
As one news website explains, RA will generate offline blocks using the crypto-commodity’s blockchain derived algorithm. The key to access it will then be printed on a specialized wallet and placed within the vault which is in no way connected to the internet. Those people who store their cryptocurrencies in the vault are still free to sell or buy coins at any time.
In a statement, Tyler Gallagher, the CEO of Regal Assets which owns Regal RA, said, “We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities.”
Cryptocurrencies are gradually gaining increasing legitimacy. In Dubai, you can buy luxury apartments using Bitcoins, while Zurich’s Falcon Bank now allows customers to convert cryptocurrency in cash.
The move to create secure offline sites like the vault in Dubai will help instill a much-needed sense of security among crypto traders who aren’t, justifiably, confident about the capability of the Internet and its security walls at keeping online pirates at bay.