Digivault gets FCA’s approval to become custodian wallet provider
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Digivault gets FCA’s approval to become custodian wallet provider 14 May 2021UK Reporter: Becky Bellamy
Image: Андрей Яланский/adobe.stock.com
Digivault, the digital asset custody business of Diginex, has received approval from the Financial Conduct Authority (FCA) to become a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLR).
The move marks Digivault as the first stand-alone digital asset custodian to receive the FCA’s approval.
It also represents a key milestone for Digivault’s strategy to provide compliant and secure custody services to corporate and institutional investors in crypto assets.
Digivault’s cold solution includes a network of secure third-party vaults owned by vault services provider Malca-Amit.
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 firewalls.
Digivault also provides custodial services for assets in Bitcoin, Ethereum and USDC, as well as other assets that are hosted on ERC-20 and ERC-1400 protocols.
Rob Cooper, CEO of Digivault, says operating within the FCA’s MLR framework provides our clients with the assurance that their assets are being custodied within the highest possible standard of governance, control and oversight.
Richard Byworth, CEO of Diginex, comments: “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 as a key enabler to the EQUOS Exchange, over-the-counter and lending business lines.”
Digivault will leverage the Torstone Technology cross-asset platform including cryptocurrencies and tokenised assets, giving clients the flexibility to handle all of their crypto trading in a single post-trade solution leveraging Digivault for digital asset custody.
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Image: Андрей Яланский/adobe.stock.com 