According to an announcement, Elliptic and Gem have entered into a partnership that asks Elliptic to provide safe and secure as well as insured safe storage to third key from Gem. Thus, now, Elliptic will be independent third party for the purposes of securely storing the third (backup) private key used on the Gem platform.
Elliptic claims that it is the world’s most secure Bitcoin vault. Accredited, insured bitcoin custodians, the valut exist to make client’s Bitcoin assets safer, more secure and easier to manage. Nonetheless, with these reasons it has emerged as a trusted name and the trusted custodian for publicly listed firms representing more than $3BN in market cap.
Elliptic Offers Higher Level of Security
Interestingly, in the past, multisig wallet users have been in control of their own backup private keys; however, a lot has changed now. The latest deal between Gem and Elliptic could offer a higher level of security for individuals who do not wish to take care of their own backup solutions.
Moreover, as Elliptic is an insured Bitcoin storage provider for a variety of banks and exchanges who need to protect their private keys, the decision by Gem sounds logical. In fact, choosing them as the custodians of backup keys for multisig wallets according to the close observers is a wise move by Gem that will give confidence to the customers.
Elliptic Vault, the only BTC Custodian with ISAE 3402 Accreditation from KPMG
Elliptic claims that clients trust it because it has international accreditation that scrutinizes internal access controls, financial controls, regulatory compliance (including AML and KYC), disaster recovery, code deployment, segregation of duties and offline Bitcoin storage techniques.
The company also says that deposits are comprehensively insured by a Fortune 100 insurer and held in full reserve which according to it means it never re-invests customers’ Bitcoins; rather, it keeps them safe and sound in the cold storage vault. Nonetheless, its insurance also provides comprehensive coverage against crime and loss.
Regarding third-key storage the company says that perhaps the most unique feature of Elliptic as a third-key custodian is the fact that they’re able to offer insurance against unauthorized use of that third key. Nonetheless, both Gem and Elliptic believe this is a huge leap forward for multi-signature wallets and Bitcoin in general.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org