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Vo1t Leading The Way in Interest-Bearing Cold Storage Accounts for Digital Assets

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Vo1t Leading The Way in Interest-Bearing Cold Storage Accounts for Digital Assets
Source: Pixabay

The role that digital asset custodians play in the cryptocurrency ecosystem is rapidly increasing in scope as institutions loom on the edge of broader entry into the market. The expansion of custodial services has focused on bringing more conventional financial instruments to the digital assets arena, by creating yield enhancement accounts and more advanced storage features.

Vo1t – one of the leading digital asset custodians – has recently announced their Prime Account for institutional investors, detailing how the interest-bearing accounts for digital assets can yield up to 5 percent annualized returns for their clients. The minimum balance requirement is $1 million, there are no investment fees, and the cold storage account earns interest via over-collateralized lending of a minority portion of the account.

Vo1t Director, Sebastian Higgs, detailed

“The prime account is comparable to a brokerage account held at an agency lender such as State Street or BNY Mellon. We want to be transparent in the arrangement, highlighting the rewards but also the risk which is designed to be ultra-conservative. This arrangement is suitable for institutions looking to make a passive return on their cold storage digital assets as a value add within their broader portfolio strategy.”

Vo1t’s interest return depends on the market rates of the digital assets, which initially will include Bitcoin, Bitcoin Cash, Ether, Litecoin, and Ether Classic. AON insures all asset deposits with Vo1t.

The growing institutional interest in digital assets has coincided with a widespread emphasis on bringing conventional financial instruments to digital assets. Custodians like Vo1t are viewed as key players in fostering more support by institutions who may be hesitant to enter the digital asset ecosystem. Interest returns are becoming more prevalent in the cryptocurrency sector with liquidity pools and P2P lending services, and have even penetrated other markets – like with stablecoins.

Vo1t CEO, Miles Parry says,

“Over the last 12 months, we have been building on our foundational success. Some market participants want their assets completely offline, fully segregated, and off the radar of any third parties – we brought that to market in 2017. Other participants don’t want cold storage to mean a drag on the balance sheet, so today we are delighted to open the Vo1t Prime Account.”

Digital asset custodians have progressed considerably since their foundations, and now include multi-signature cold storage, fail-safes, enterprise service layers, and proprietary HSM & access features that are prevalent with conventional financial assets. Vo1t even offers military-grade encryption with physical storage at multiple facilities guarded by armed personnel and high-level monitoring systems.

Vo1t has also honed in on ‘trimming the fat’ from their cold storage without compromising its security, citing secure withdrawal of any asset in under 2 hours despite numerous layers of protection. The Vo1t team comes from backgrounds of expertise in physical and cyber security along with extensive experience in banking from the likes of the Ministry of Defence, the FCA, and Goldman Sachs.

Established in 2015 and trusted among numerous financial institutions, Vo1t is leading innovation in digital asset custody with advanced security and providing yield enhancement services.

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Legislation of Casinos: Places that are taking steps towards complete Legalization of Gambling in 2019

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Legislation of Casinos: Places that are taking Steps Towards Complete Legalization of Gambling in 2019
Source: Pixabay

More and more people are seeing any form of gambling as morally acceptable. In a 2009 poll by The Gallup, only 58% of people in the US seem to accept this industry. With an update for 2018, the percentage has raised to 69%.

There could be multiple reasons why people still have different opinions about gambling, whether it’s through the form of playing a casino game online or in any establishment or betting on any sports and games. Opinions could be formed because of a person’s religion, income, and race, and educational attainment.

The legalization of gambling could also affect how people see it. With more and more places all over the world taking steps to legalize any form of gambling in their area, people are becoming more accepting of this industry. In here are some note-worthy updates about the legislation on gambling all over the world.

Regulation of Online Gambling in Ontario, Canada

Any form of gambling was made illegal in Canada half a century ago and it was in 1969 when the provincial and federal government of the country were allowed to host lotteries. Then in 1985, each province was then allowed to legalize any form of gambling that they choose.

With all of those updates on Canadian law regarding gambling, there wasn’t really anything that targets online gambling until recently, when a press release from the Canadian Gambling Association [CGA] was spread.

With this, online gambling laws in Canada seem to be taking its shaped. CGA has noticed how much Canadians, particularly in Ontario, has been wagering on online gambling websites outside the country. More than $500 million are spent by the people of Ontario in gambling each year.

Because of this, CGA and the local government see the need to have their country put in place an online regulated system to allow their citizens to place wagers on any gambling sites safer. For now, the CGA is looking forward to taking part in the government’s planned dialogues with this industry’s stakeholders.

Pennsylvania’s Online Gambling Launch

Pennsylvania will be the fourth state in the US to launch and legalize online casinos. It was previously announced that PA online casino and poker servers should be up in at least the first quarter of 2019.

However, because of the recent DOJ interpretation of the Wire Act of 1961, the PA’s Gaming Control Board decided to delay the launch for a bit.

It is expected that most online casinos in PA will then be launched in mid-2019, where the earliest target date is in mid-June. This was as instructed by the PA’s Gaming Control Board, and they expect online casinos to comply.

For now, if you’re in PA but can’t wait to play online casino games, you can check the top betting sites online. There are some casino sites that can give you insights about the best casinos you can find on the web. This site will also let you know whether an online casino will accept bettors from your place.

Remote Gambling Bill in the Netherlands

Like a lot of European countries, the Netherlands is deemed lax when it comes to their laws about gambling in any form. However, before 2012, when it comes to online gambling, the Dutch community seems to be restricted about playing casinos online.

Back then, the Dutch people are allowed to place their bets online, but this was only through local servers, which at that time was limited. However, even if more and more websites are starting to get based in the Netherlands, there are still Dutch people who’re place their bets on foreign casino websites that go unnoticed.

Because of this, a bill was submitted to allow Netherland’s government to issue licenses to foreign websites and let them legally accept wagers from the Dutch citizens.

On the 19th of February, the Netherland’s senate placed votes on the Remote Gambling Bill, which already passed the Ditch parliament three years ago. The result was much anticipated and is now good news to foreign online casinos.

Sometime next year, the Dutch government will start to issue online gambling licenses to foreign casino websites and end the monopoly of online gambling in the country. Analysts shared that the process of issuing online gambling licenses might start in January 2021.

Next year may only be the start of application requests from foreign and local stakeholders. The only problem that some foreign casinos that may have to face are the “cooling period”. This is a proposal by the Dutch Minister of Legal Protection that would not allow operators who have been accepting bets from the Dutch citizens prior to the legalization for two years.

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