14 February 2016

Precious metals group joins Bitcoin cold storage fray

13 January 2014  |  4312 views  |  0 safelock

Precious metals trading network GoldMoney has joined London start-up Elliptic in providing off-line secure storage services for Bitcoin users.

Launched last week - and underwritten by Lloyds of London - Elliptic stores user's cryptographic keys on offline servers in a secure location.

The company is banking on business from bitcoin holders fearful of losing their horde to online hackers.

At launch, Elliptic proudly declared itself the first service of its kind in the world, but it is already facing competition from another new entrant, dubbed Netagio.

Part of the GoldMoney group of entities, which currently stores $1.4 billion in precious metals for customers in independent secure vaults across five countries, Netagio claims to have built an advanced infrastructure for the safe storage of digital currencies.

While the majority of customers' Bitcoins are kept in Netagio's offline vault, beyond risk of theft by hackers, a handful are made available online for swift transfer to other customers or exchanges. Netagio's free-to-use accounts sit behind two-factor authentication security and can be set by customers to allow access only from preset, user-defined locations.

Simon Hamblin, managing director at Netagio, says: "Being a part of a larger established group that has a heritage in the dealing and safe-keeping of precious metal since 2001 makes it one of the most compelling storage offerings in Europe."

He says Netagio also aims to offer customers the ability to buy and sell Bitcoin, as well as other asset classes, directly through its platform in the near future.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

09 January, 2014
06 January, 2014
29 November, 2013
25 November, 2013
08 November, 2013
05 November, 2013
12 August, 2013
31 May, 2013
02 May, 2013
06 March, 2013
05 September, 2012
13 August, 2012
14 May, 2012
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16396 views comments | 106 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9144 views comments | 30 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
8739 views comments | 35 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7244 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6609 views comments | 17 tweets | 28 linkedin

Featured job

Find your next job