Benzinga | Jan 7, 2022 01:01PM EST

EQONEX Announced Digivault Unit Achieved a 30-fold Increase in Assets under Custody in 2021 Calendar Year

Digivault, the digital asset custody business within EQONEX Limited (NASDAQ:EQOS), achieved a 30-fold increase in assets under custody in the 2021 calendar year, reflecting the strong demand for accredited and regulated crypto-industry service providers.

The company now securely stores the assets of a growing list of customers including sophisticated investors, family offices, fund managers and also law enforcement agencies and governments through its strategic partnership with Asset Reality. In December it also added to its world-leading list of credentials with the addition of XRP to its assets under custody.

XRP is a digital asset that is native to the XRP Ledger - an open source, permissionless and decentralised blockchain technology that can settle transactions in three to five seconds. Digivault developed the capabilities to support XRP in response to surging customer requests to provide custody for the digital asset.

Digivault now supports more than 50 digital assets including BTC, ETH, BCH, DOT and XRP.

Robert Cooper, Digivault CEO said, "The value of digital assets along with the technology infrastructure that it supports can no longer be ignored, as reflected in the landmark increases in cryptocurrency participation we saw in 2021. But this increase in participation also put the spotlight on the risks of security breaches and hacks. Our business growth reflects this growing awareness by industry participants to be far more discerning in choosing accredited and regulated service providers".

"In the year ahead, we will maintain our focus on lifting the industry standards, driving greater awareness of ways to safely participate in the marketplace and by protecting our customers by continuing to expand the list of assets we are able to securely store for them."

Digivault Business Highlights 2021 Calendar-Year

Became the first standalone custodian to be FCA Registered under the crypto asset regime, and ISO27001 accreditedAchieved a 30-fold increase in assets under custody, 8 percent of which is attributable to EQONEX Exchange client accountsRecorded an approximately 70-fold increase in transaction volume, with approximately 90 percent of that growth attributed to the EQONEX ExchangeFormed industry partnerships to enhance crypto industry safety with Asset RealityBecame first accredited custodian with capability to support Polkadot (DOT) in September, and XRP in December 2021.Digivault operates to the highest industry security standards, using FIPS14-2 validated hardware security modules (HSMs). The solution is Cyber Essentials Plus accredited (a Ministry of Defence designed accreditation) and is certified under IS027001 standard. Both Helios (Warm Solution and Kelvin (Cold Solution) and penetration-test to CREST standards of certification.

Digivault also uses an enhanced certificate standard for communicating public keys, multi-factor authentication, and a full backup/recovery system.