Lendingblock, the securities lending exchange for digital assets, has partnered with digital assets custodian Vo1t to provide what it describes as a “military-grade cold storage capability” for its institutional lending exchange.
Vo1t will offer a 24/7 high-security global custody service that will ensure funds are accessible within 30 minutes by Lendingblock and its clients. Client funds are segregated, preventing the commingling of assets and maintaining transparency around how client assets are 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,” says Charlie Beach, COO, Lendingblock. “Vo1t’s ability to release funds rapidly 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.”
Vo1t’s features include multiple layers of encryption of private keys, geographic distribution of private keys, thermal, vibration and motion detection, Faraday shielding to prevent against wireless infiltrations, 24/7 patrols and alarm monitoring with police response.
Under the partnership, funds transferred to Lendingblock and secured by Vo1t are covered by a dedicated crypto assets insurance programme.