In the latest Cryptocurrency News, there are some new regulations happening for cryptocurrency with the sole aim of safeguarding the digital assets from Theft and Loss in Hong Kong. Under the new system, the fund managers and trading platforms will be required to ensure their client’s virtual assets. The services of a third party cryptocurrency custodian may be involved. InVault, a Shanghai Based start-up, claims to be the first such custodian which is about to launch their services in Hong-Kong.
The Company is in big-time cryptocurrency news these days. It has about one million Ethereum users in its portfolio in mainland China and is about to obtain the license from the Hong-Kong regulator. It will start offering its services from December. The company protects the privacy of the customers by keeping the Client’s private key, a complex code for accessing the digital wallet to carry out a transaction in a physical vault. The complex codes are difficult to remember and can be stolen or hacked. This is a better way to keep vital and strategic information under a safe and secured system. As the popularity of crytocurrency grows by the day, there is also a rising concern to protect vital information of clients.
The Shanghai-based start-up is certainly at the forefront of Cryptocurrency news. Invault has joined the league of emerging ranks of service platform operators around the globe. These are generally responsible for providing cryptocurrency custody services to the corporates and the asset managers, who generally deal in digital tokens. The company is backed by venture capital fund Matrix Partners China. Invault evidently charges service fees, based on assets under its management. The company uses physical vaults to safeguard the customer’s valuable information and these vaults are controlled by a biometric recognition technology that will allow only selected persons to enter the area, South China Morning Post reported.
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