Swiss Crypto Vault is storing Bitcoin in an underground bunker located in the mountains of Switzerland. The bunker is from the Cold War Era and is built to withstand a nuclear attack, perhaps making it one of the most secure places to store Bitcoin private keys.
Storing private keys in a safe place is one of the most important rules to follow when using Bitcoin. The private key can be used to access Bitcoins, so it is critical that no one else sees it. It’s also crucial not to lose the private key in the event that the computer the Bitcoins were originally stored on is destroyed, or the Bitcoins will be lost forever. However, storing private keys personally is the only way to ensure full control of Bitcoins since no one else has the private key, which is not the case with the Swiss Crypto Vault since they control the private keys.
The private keys in Swiss Crypto Vault are stored offline to prevent hacking, and if a withdraw request is made it goes through Swiss Crypto Vault employees who ensure that it is not a hacking attempt before releasing coins. They use multi-signature security.
Niklas Nikolajsen, founder of the Bitcoin Suisse cryptocurrency custodian service, teamed up with former UBS investment banker Philipp Vonmoos to create Swiss Crypto Vault. Nikolajsen says that “it’s not millions anymore we’ve been moving to the bunker, it’s the next level” and that he has over 10,000 clients.
“The next level for the crypto community is for additional institutions to enter the space. They will only do so if there is a super secure way of storing the assets or the private key,” says Vonmoos.
Indeed, many cryptocurrency experts have said that institutional investment will bring Bitcoin’s price to new record highs, and the highly secure storage offered by Swiss Crypto Vault is a good solution for institutional investors looking to store large amounts of cryptocurrency.
Bitcoin Suisse is not the only firm storing Bitcoin in underground bankers. Cryptocurrency custodian Xapo is storing USD 10 billion of Bitcoin in bunkers across the globe on five different continents, amounting to nearly 10% of all the Bitcoins in existence.
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