Dubai: First Cold Storage for Crypto in the World
A Dubai-based company becomes the first licensed cryptocurrency trading in the Middle East.
The company we are talking about is the gold trader Regal RA Dubai Multi Commodities Centre. Also, they become the first enterprise in the world that launched a “cold storage vault for crypto”.
The Executive Chairman at DMCC, Ahmed Bin Sulayem wrote on the company’s official website that “At the heart of DMCC’s long term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers. The announcement today embodies this approach and will no doubt come as good news to the international cryptocurrency market.”
The idea of the company has started from the fact that many investors and developers are afraid to deposit a large amount of cryptocurrency. The development of the crypto system attracts many incidents, such as hacker attacks, money laundering, identity theft, technical equipment infestation, and more.
Note that the Regal RA Dubai Multi Commodities Centre company was awarded with the “Global Free Zone of the Year 2017” title and is being a subsidiary of Regal Assets– a company that manages gold investments.
About the Cold Storage for Crypto
So, the platform will launch the blocks offline by using a specific advanced crypto algorithm. The generated key is then secured offline in a unique and secured wallet and forwarded to the “cold storage” in the DMCC vault. Everybody can buy and sell crypto coins at any time after the process is finished.
The Cold Storage is placed in Almas Towers, at the DMCC Free Zone headquarters.
This is a great step forward for the crypto development. The company ensures that what they actually provide is high security of users’ crypto coins. Does it sounds great for you?