Blockchain
Vaultavo Introduces Biometric Smart Card Based Crypto Custody Solution
Vaultavo Inc. (www.vaultavo.com) has developed a patent-pending crypto custody solution to address the security requirements of the institutional market and its clients.
The Vaultavo Custody Solution combines the world’s first biometric digital asset custody smart card with state-of-the-art proprietary vaults and secure SaaS digital platform and access portals, to create a solution that reinvents custody as we know it today.
The integrated hardware and software solution protects digital assets by creating and managing the Blockchain private key on the bank grade secure Vaultavo Card – a decentralized approach to security which mirrors cryptocurrencies, Web3 and DeFi and differs from competitive solutions that have attempted to provide security in a centralized manner.
The secure element in the Vaultavo Card, the foundation of the solution, boasts EAL7 security certification, making it safer than most, if not all, other custody solutions. The Vaultavo Card is the same size and thickness as a bank card, has a built-in biometric reader, an E Ink display, rechargeable battery and Bluetooth, NFC and USBC connectivity capabilities.
The patent-pending technology was developed to address one of the critical roadblocks to crypto’s expansion – the vulnerability of online trading, transacting and protection of digital assets. The size and scope of the problem is monumental; according to blockchain data provider Chainalysis, illicit transaction volume rose for the second consecutive year in 2022, hitting an all-time high of $20.1 billion.
“Unlike other providers who have to trade off accessibility for security, the Vaultavo Custody Solution is designed to address all the challenges of crypto custody,” said Philip Meyer, CEO, Vaultavo. “Ours is the only solution that guarantees the highest grade of security while allowing for the easiest level of accessibility and use. It has the potential to make using digital currencies as commonplace as debit cards for institutions and their clients, thereby increasing participation in the new digital economy. This solution will go a long way to ensure that the long tail of crypto again starts trusting the industry.”
Vaultavo’s protected IP technology is fully configurable, enabling multiple custody and self-custody configurations and multiple use cases:
- Central banks, commercial banks, family offices and other businesses managing their own crypto portfolios
- Individual clients’ digital assets held by commercial banks or other institutions under segregated private keys
- A first-to-market feature: commercial banks and other institutions providing self-custody to their customers
- Stand-alone self-custody for the retail market
Initial Institutional Clients
Vaultavo’s first customer is Revix, a Cape Town, South Africa cryptocurrency investment platform that allows users to securely invest in technologies and asset classes.
“Vaultavo is a crucial partner for our business; the company will give us the ability to essentially offer all of our customers a biometric card where customers can essentially and safely transact with crypto,” said Sean Sanders, CEO of Revix. “Vaultavo is doing something that no other provider in the market is doing right now – giving users the ability to self-custody their cryptocurrency without losing control of their assets. They are the key to finally getting us to the position we’ve wanted to get to for a long time, which is, allowing our customers to use crypto for real-world purchases like getting a cup of coffee.”
Myna Accountants, based in the United Kingdom, is a world leading cryptocurrency accounting and professional services firm working with crypto clients of all types including exchanges, DeFi protocols and decentralized autonomous organizations.
“We are very excited by this new technology and this new approach to one of crypto’s biggest challenges, custody and self-custody,” said Joe David, managing director and founder, Myna Accountants. “They’re taking something that has been fundamentally difficult and full of challenges and made it simple and secure for both Myna and our clients to use. Our partnership with Vaultavo will ultimately drive value for Myna’s clients and enable us to provide best-in-class and pioneering services for them.”
The Revix installation is scheduled for the first quarter of 2023 with general marketplace rollout in 2023.
A product description video can be seen here. Additional editorial assets, including a schematic diagram, downloadable high resolution photos, executive biographies and photos and a corporate fact sheet are available here.
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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