Lendingblock partners with Vo1t to offer digital asset custody

Lendingblock partners with Vo1t to offer digital asset custody

Lendingblock, the securities lending exchange for digital assets, today announces that it has partnered with digital assets custodian Vo1t to provide a military-grade cold storage capability for its institutional lending exchange.

Vo1t will support Lendingblock’s platform by offering a 24/7 global custody service that will ensure funds are kept in high security cold storage while still being accessible within 30 minutes by Lendingblock.

Importantly, clients’ funds are not co-mingled with Lendingblock funds, and this helps to maintain transparency around how a client’s assets are being handled and stored.

Funds will only be transferred out of cold storage to be sent back to the borrower upon loan maturity, over-collateralization or in the event of a liquidation where the collateral will be converted and sent to the lender.

Charlie Beach, Chief Operating Officer at Lendingblock said, “We’ve conducted an extensive review of custodial providers, and 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. Vo1t’s ability to release funds rapidly further provides our clients with the flexibility required to carry fast transactions through our platform. 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 said, “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.”

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.

Under the partnership funds transferred to Lendingblock and secured by Vo1t are covered by a dedicated crypto assets insurance program.

Source: LendingBlock
Home

Copyrights © 2021 The Unlock Company DMCC

Stay updated with the latest Blockchain news. Subscribe and never miss a story!