Blockchain
Digivault becomes the first FCA registered digital asset custodian to custody Polkadot
Digivault, the industry accredited, highly secure, and insured digital asset custody business of Nasdaq listed EQONEX Group (Nasdaq: EQOS), has become the first custodian, registered by the UK Financial Conduct Authority (FSA), to custody the crypto asset Polkadot (DOT).
Founded by Ethereum co-founder Dr. Gavin Wood, the DOT token is the native token of the Polkadot network, which aims to unite an entire network of blockchains, allowing them to communicate seamlessly and perform transactions at scale.
Digivault operates to the highest industry security standards, using FIPS140-2 validated hardware security modules (HSMs). The solution is Cyber Essentials Plus accredited (a Ministry of Defense designed accreditation) and was recently certified under the ISO27001 standard. Both Helios (Warm Solution) and Kelvin (Cold Solution) are penetration tested to CREST standards of certification.
Digivault uses a unique enhanced certificate standard for communicating public keys, multi-factor authentication, and full backup/recovery system.
Polkadot’s DOT token has extremely high potential and is already in the top 10 of crypto assets by market capitalization. Polkadot platform solves issues inherent in first-generation blockchains, such as scalability, governance, and interoperability, allowing the communication between blockchains that are then controlled from a security and governance perspective by the core “Relay Chain”. Most other custodians have not been able to support DOT yet because of the highly complex nature of the substrate architecture.
“While the advanced nature of Polkadot makes the custodial integration more complex than other blockchains, we felt that it was essential to give people the ability to hold such a unique asset within a regulated custodian,” said Rob Cooper, CEO of Digivault.
“Polkadot offers the capability to interoperate with a wide variety of blockchains across the Polkadot network, it has great scalability and efficiency which coupled with the built-in governance avoiding hard forks provides a future-proof blockchain.”
Today’s news highlights the expansion of Digivault’s custody offering, which includes custodial services for Bitcoin, Ethereum, USDC, as well as other assets that are hosted on ERC-20 and ERC-1400 protocols.
Since May when Digivault announced that it had become the first stand-alone digital asset custodian to receive approval from the FCA to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017, it has is experienced a steady increase in client inquiries from both institutional investors and corporate treasurers holding crypto assets.
Mr. Cooper added: “We are seeing significant demand for our solutions that offer the regulatory oversight and protection that investors are now demanding as they make the wholesale shift into crypto assets. Today’s announcement and the inclusion of DOT into our platform shows how we are responding to client needs as they mature and look at the next generation of blockchains.”
Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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Blockchain
Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR
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