London, 10 February 2020 - Today Vo1t announced an expansion of their digital asset custody solution for institutions, to be delivered as-a-service, or as an on-premise infrastructure build and deployment. This solution combines Vo1t's longstanding cold storage custody technology with elements of IBM Hyper Protect Services including Secure Service Containers to create a highly secure platform, certainty of legal title, and accounting standards for segregating client assets on the beneficial owner level.
Vo1t has been offering cold storage as a managed service since 2017, supporting the crypto needs of FTSE listed firms, trust companies, and other financial institutions globally. They have insurance with Aon, support all major cryptocurrencies, and can withdraw assets from offline storage in 40 minutes.
These institutions are now increasingly turning to Vo1t for their technology to be deployed either in a segregated system within their nuclear bunker data centre or on-premises at the client side. This is primarily due to the well understood risk profile of hardware security modules (HSM), air gapped computing, and a growing shift towards regulatory standards mandating cold storage as the de facto custody standard.
“We are delighted that Vo1t has chosen to expand their digital asset custody solution to include a parallel system on IBM LinuxONE as part of their architecture. Collectively, these technologies provide Vo1t’s clients with highly resilient and isolated services designed to resist insider attacks and unauthorized access,” said Rohit Badlaney, Director, IBM Z as-a-Service. “This private key management solution is ideal for regulated financial institutions with the strictest security posture.”
As part of working together, IBM will provide a secure environment for clients to sign transactions in an automated fashion via their IBM Hyper Protect Services. This enables the client to also hold their own share of the Vo1t Multi Party Computation authorisation layer in order to confirm transactions under a multi-signature regime. Once agreement on the transaction integrity is confirmed, the details are routed through Vo1t’s proprietary cold storage technology to verify, sign, and broadcast to the blockchain without ever exposing the private key online.
"By incorporating elements of IBM LinuxONE into our architecture, we are able to expand the channels through which we can authenticate client requests. Our shared value for scalable hardware-based, highly-secure solutions match the requirements of institutions looking to secure their digital assets.” said Sebastian Higgs, General Manager Vo1t. “I look forward to pushing this offering forward in our conversations with financial institutions as they get their pieces on the crypto board in 2020.”