Regal RA DMCC, one of the biggest gold investment and trading firms in Dubai, will be the first company in the Middle East to get its license to trade cryptocurrencies. The company stated that it will also launch the world’s first ‘cold storage’ vault which will allow investors to store their crypto currencies safely, off the grid. The vault is located in Dubai’s Almas Tower, the headquarters of free zone DMCC and it’s one of the biggest and safest precious metal vaults in the world.
“We have developed what we believe is the number one most secure way of investing in bitcoin, ethereum and other crypto-commodities,” – Tyler Gallagher, chief executive of Regal Assets.
With the increasing number of exchange and online wallets hacks, it’s no surprise that most investors are still reluctant to get into the crypto space and invest in a safe environment. It’s also a bit of a headache to store multiple cryptocurrencies, even if you use a traditional cold wallet, like Trezor or Ledger, and most exchanges come with a moderate risk of losing your coins due to hacking or phishing attempts. In January, hackers stole over $500m worth of cryptocurrency from Coincheck, one of the popular exchanges in Japan, which made it the biggest hack in history. It’s worth noting that all physical devices in Dubai will be fully insured for the crypto-commodities market value against theft, hacking or any natural disaster.
This comes as great news for the entire crypto community and it remains to be seen which companies will follow-up and create their own cold storage vaults in the future.
Source: The National