Decentralised forms nation's first crypto vault, says bitcoin not a bubble

Stephen Moss-led Decentralised Capital has formed a partnership to capitalise on growing interest in digital currencies and new-age vaults, reflecting his view that bitcoin is not a bubble waiting to burst.

The blockchain assets and investments firm has teamed with safety deposit box group Custodian Vaults to set up what they claim is Australasia’s first insured cryptocurrency vault. Custodian Vaults is part of precious metals firm Pallion Group.

“This is a solution for the next phase of the industry and it gives real security,” Mr Moss, the son of former Macquarie Group veteran Bill Moss, said in an interview. “You can’t hack your way into the safe.”

“In my opinion bitcoin will not be remembered as the bubble, but the pin. While the short-term future of bitcoin may be debatable, the blockchain and its benefits are not.”

Security has proven a big issue for the industry, as digital currencies are highly susceptible to hackers. A common way of storing cryptocurrencies is an offline external hardware device similar to a USB. Those devices can, however, be stolen or targeted when plugged in to a computer.

Mr Moss said the new vault provided customers direct access to their holdings and combined physical surveillance, biometric identification, pin codes, CCTV monitoring, alarm and fire control systems.

It will target wealthy investors, institutional investors, exchanges and initial coin offering issuers and also house a private Wi-Fi room to allow cryptocurrency transfers in and out.

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Source: Decentralised forms nation’s first crypto vault, says bitcoin not a bubble | afr.com