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Bithumb Custody provides virtual asset custody service for enterprises

On September 23, Bithumb Custody announced on the 23rd that it will open a virtual asset custody service for major domestic customers starting on September 25th. Accordingly, other exchanges providing similar virtual asset custody services are also drawing attention. Bithumb Custody provides service that keeps cryptocurrencies safe and transmits them through controlled procedures. It is a custudy service provider established by Bithumb as a corporation named ‘Vaultrust’ on April 2019. It provides systems such as ▲ encryption key management solution ▲ multi-signature technology application ▲ multiple authentication system support (Grade A~D stage) ▲ customer identification (KYC) and money laundering prevention (AML) application for safe virtual asset management. A self-developed “connectionless tunneling-based protocol communication” technology was also applied. This technology is a cold wallet that can be operated in real time 24 hours a day with 100% secured online. The technical vulnerability of the existing hot wallet, the risk of hacking, and the low usability of the cold wallet have all been removed. It’s patent application has been also applied. Bithumb Custody also introduced a deposit and withdrawal system through a multi-authentication system for the first time in Korea to block embezzlement within the company. Most of the currently released custody services can be deposited and withdrawn only after approval from user with a minimum allowable value or higher among a number of authorized users in a multi-signature method. In contrast, Bithumb Custody can designate a minimum number of 1 to 4 people to manage funds in Grade A to D stages, so customers can directly determine the security level. In Grade D, fund management was possible only when four other natural persons had sequentially authenticated and agreed to prevent embezzlement. Bithumb Custody will first open B2B (business-to-business transaction) service as the demand for virtual asset custody increased by institutions. Bitcoin (BTC), Etherium (ETH), ERC-20-based tokens will be supported first, followed by Nestri (EGG), BORA, etc. Bithum Custody is also planning various services such as custody certification service, smart contract inspection and technology consulting to corporate customers as well as crypto finance like staking, prime brokerage, and virtual asset tax consulting. There will be a special promotion that completely exempts storage and transfer fees to new contracted corporate customers until March 2021 inn addition to free virtual asset network transmission fees for the first 10 early-bird customers. https://www.blockmedia.co.kr/archives/157382 ※This article is published with the permission of Blockmedia

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