Lendingblock, an open exchange for borrowing and lending cryptocurrencies and digital assets has announced a partnership with digital asset custodian Vo1t to provide cold storage capability for its institutional lending exchange.
Vo1t will support Lendingblock’s platform by offering a 24/7 global custody service that will ensure funds are kept in high-security cold storage while still being accessible within 30 minutes by Lendingblock and clients. Importantly, clients’ funds are kept segregated, preventing the commingling of assets and maintaining transparency around how a client’s assets are being handled and stored.
Funds will only be transferred out of cold storage to be sent back to the borrower upon loan maturity or liquidated and sent to the lender in the event of loan default.
“We’ve conducted an extensive review of custodial providers, and we chose Vo1t because we believe they are an industry leader in providing an insured and secure, multi-asset custodian system that meets our primary goal of protecting our clients’ assets. Vo1t’s ability to release funds rapidly further provides our clients with the flexibility required to carry fast transactions through our platform. Lendingblock’s partnership with Vo1t signifies a significant step towards building the robust market and financial infrastructure necessary to bring further institutional participants to use digital asset lending as part of their daily investment strategies.”
“We are delighted to be working with Lendingblock, as they bring the benefits of securities lending to crypto institutions through their professional digital assets lending exchange. The decision recognizes Vo1t’s strong commitment to providing the utmost safety security measures taken on behalf of clients’ digital funds.”
Vo1t’s features include security measures such as multiple layers of encryption of private keys, the geographic distribution of private keys, thermal, vibration and motion detection, Faraday shielding to prevent against wireless infiltrations, 24/7 patrols, and alarm monitoring.
