Lendingblock partners with Vo1t 15 November 2018London Reporter: Jenna Lomax
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Lendingblock has partnered with digital assets custodian Vo1t to provide storage capability for its institutional lending exchange.
Vo1t will support Lendingblock’s platform by offering a global custody service that will ensure funds are kept in high-security cold storage while still being accessible within 30 minutes by Lendingblock and clients.
Funds will only be transferred out of cold storage to be sent back to the borrower on loan maturity or liquidated and sent to the lender in the event of loan default.
Clients’ funds will be segregated, which will maintain transparency around how a client’s assets are being handled and stored, Lendingblock said.
Under the partnership funds transferred to Lendingblock and secured by Vo1t are covered by a dedicated crypto assets insurance programme.
Vo1t’s features include extreme security measures such as multiple layers of encryption of private keys, geographic distribution of private keys, thermal, vibration and motion detection, Faraday shielding to prevent against wireless infiltrations, 24/7 patrols and alarm monitoring with police response.
Charlie Beach, COO at Lendingblock said, “We chose Vo1t because we believe they are an industry leader in providing an insured and secure, multi-asset custodian system that meets our primary goal of protecting our clients’ assets.”
He added: “Lendingblock’s partnership with Vo1t signifies a significant step towards building the robust market and financial infrastructure necessary to bring further institutional participants to use digital asset lending as part of their daily investment strategies.”
Miles Parry, CEO at Vo1t, commented: “We are delighted to be working with Lendingblock, as they bring the benefits of securities lending to crypto institutions through their professional digital assets lending exchange. The decision recognises Vo1t’s strong commitment to providing the utmost safety security measures taken on behalf of clients’ digital funds.”
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