Elliptic Vault in London is providing Bitcoin storage services wherein customers will get insurance for depositing their digital currency against loss and theft. The organization in its “deep cold storage” will provide safe and secure storage of private encrypted keys to Bitcoins. This will be done completely offline in safe servers.
First in the world of its kind, deep cold storage is expected to solve the problem that thousands of Bitcoin customer are wary of when they think of Bitcoin hacking. It is quite concerning for customers as stolen Bitcoins cannot be recovered as all transactions are irreversible and there have been several cases of Bitcoin theft.
Additionally, online wallets used to store Bitcoins have been subject to a number of cyber-attacks and there have been a lot of losses for some customers. To rule out such mishaps, Elliptic Vault in London has brought a vault to cater for the virtual currency, Bitcoin and willing to provide protection to the cyber money from hack attacks.
According to the company sources the idea of making a vault for a virtual company may seem absurd; however, it has cornered the market in Bitcoin banking. Now, it will be the “first in the world” to offer Bitcoin owners insurance and protection from online theft. It says that currently, no form of insurance exists to cover the cyber currency.
Currently, there is no security for Bitcoin and once they are gone there is no way of retrieving them. However, with Elliptic Vault, a number of cyber-attacks could be avoided and there won’t be situations like the one that happened on October 26 when an Australian Bitcoin bank holding was ransacked in a cyber-attack that saw 4,100 Bitcoins ($1.3 million) stolen.
Elliptic Vault will be better positioned to provide protection to individual customers who often lose their Bitcoin due to carelessness. One such customer James Howells from the UK lost valuable digital currency when he threw away a hard drive containing $7.5 million worth of Bitcoins in October last year.
Thus, there is not just one important role that it will offer to Bitcoin customers but it will also provide solutions for those who may worry that they may lose it due to carelessness. Nevertheless, the Elliptic Vault will use private encrypted keys to Bitcoins which will be stored in offline servers to provide complete security and insurance.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org