Digivault Becomes First Stand-Alone Digital Custodian To Receive Approval From the FCA To Store Crypto

May 14, 2021 - Digivault, the secure digital asset custody business of Nasdaq listed EQONEX Group (Nasdaq: EQOS), has become the first stand-alone digital asset custodian to receive approval from the UK Financial Conduct Authority (FCA) to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 (MLR 2017), as amended.

The approval represents a key milestone in Digivault’s strategy to provide compliant and secure custody services to corporate and institutional investors in crypto assets.

Digivault’s cold solution comprises a network of secure third-party vaults owned by renowned vault services provider, Malca-Amit. Crypto assets are stored in a completely off-line environment, and alongside traditional stores of value such as gold and silver.

The warm custody solution combines the best of cold and hot custody by incorporating a physical break on the internet through a series of hardware and software fire walls, so that assets are protected yet readily available.

Digivault provides one of the widest custody offerings, including custodial services for assets in Bitcoin, Ethereum and USDC, as well as other assets that are hosted on ERC-20 and ERC-1400 protocols.

With both institutional investors and corporate treasurers increasingly holding crypto assets as a store of value and hedge against inflation, Digivault is experiencing significant demand for solutions that offer the regulatory oversight and protection that such investors would experience in other asset classes.

The FCA registration also follows a recently announced partnership with Torstone Technology to deliver post-trade settlement and digital asset custody to institutional clients via Torstone’s settlement platform.

Rob Cooper, CEO of Digivault, said, “We have been delighted to work so closely with the FCA on obtaining this registration. Operating within the FCA’s MLR framework provides our clients the assurance that their assets are being custodied within the highest possible standard of governance, control and oversight.”

Richard Byworth, CEO of EQONEX Group, said, “The FCA approval is continued validation of our strategy to deliver fair, transparent and compliant crypto products for institutions. Digivault’s market leading custody solution is a foundational pillar of the Diginex ecosystem and acts a key enabler to the EQUOS Exchange, OTC and Lending business lines.”