Soaring crypto prices and bullish market sentiment have increased participation to more than 221M users worldwide however, the industry remains vulnerable to hacking and phishing events that top billions of dollars in losses annually. Storing digital assets securely represents an important last line of defense given the difficulties associated with asset recovery once a breach has occurred.
With these factors in mind, Digivault and Asset Reality have teamed up to combine their unique industry capabilities to support law enforcement agencies to alleviate harm and losses for victims. Investigating and recovering crypto assets is a highly complex task. As part of the partnership, Digivault will support Asset Reality’s law enforcement clients by providing their secure storage for seized digital assets.
Digivault, as part of the Nasdaq listed EQONEX Group was purpose-built to deliver a compliant custody solution for digital asset holders. In May 2021, it set the standard, as the industry’s first standalone FCA registered custodian. It also conforms to all institutional-grade security certification standards.
Launched in 2020 by an experienced team of crypto asset recovery practitioners, Asset Reality was created to support law enforcement agencies as well as public and private sector clients in navigating the complex asset recovery process including investigations, managing and realizing seized digital assets, including cryptocurrencies.
Speaking on the partnership, Digivault CEO Robert Cooper said, “Digital assets and the technology infrastructure that support it, represent tremendous opportunities for the financial industry and investors. We built our business to deliver on that opportunity by working with regulators to lift industry standards and set new benchmarks for security for our clients in storing their assets.”
“This partnership with Asset Reality reflects our deep commitment to not only solving for security threats, but also working across the industry to provide solutions that can help victims of crime and law enforcement work through the recovery process with peace of mind.”
Asset Reality Co-Founder Aidan Larkin said, “The rapid development of the digital asset space has created unforeseen challenges for global law enforcement agencies, who are grappling with different levels of regulation, unscrupulous players and a community of new users who may be unaware of risks. Whilst blockchain analysis tools have helped build trust in blockchains, public and private sector clients are now struggling with managing seized assets like cryptocurrencies”.
“It was through the lens of this emerging challenge we could see that a specific solution for the industry simply didn’t exist. By combining our in-house, experience in crypto investigations and asset forfeiture with strategic partnerships across industry leaders in investigations, analytics and custody, we are marching forward in Asset Reality’s mission to make crypto safer and fairer. Partnering with companies like Digivault and benefitting from the expertise they bring to the table, makes our mission much easier”.
As part of the partnership, Digivault and Asset Reality will also work together to drive greater awareness of industry threats, and advocate for sensible industry compliance standards.
“We seek out partners that share our ethos and focus, so together we can play a critical role in driving the industry forward. Digivault, as part of the EQONEX group, delivers a crucial component in our efforts to help victims of crime and law enforcers, and we are excited to extend our efforts to jointly educate and advocate for ways to enhance the industry,” said Hugo Elliott, co-founder Asset Reality.