Military-Grade Crypto Cold Storage Provder, Vo1t, Launches Prime Account for Institutional Clients
Vo1t has announced the introduction of a free cold storage solution that pays its user a 3% interest for keeping digital assets in it, called the Prime Account. The new solution will support Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.
Usually, the company provides military-grade crypto storage and custody services for institutional clients. Deposits to the platform are also insured by AON.
Since its inception in 2017, Vo1t has revolutionized the crypto cold storage services industry. Clients can now safely store their crypto assets and withdrawals are processed within 2 hours. The Vo1t team comprises of seasoned cybersecurity experts, bankers and former staff of the Ministry of Defence, the FCA and Goldman Sachs.
To access this new service, institutional clients will require a balance of at least $1 million worth of crypto assets. The 3% interest will be generated from over-collateralized lending. Essentially, a small portion of the stored client assets will be loaned to borrowers accredited by the Vo1t team.
Sebastian Higgs, the director of Vo1t, compared the new prime account to brokerage accounts held at agency financiers like BNY Mellon and State Street. He stressed that the new solution will emphasize transparency by informing clients of the potential rewards as well as risks. Higgs mentioned that the solution is intended for companies that wish to make passive income from their crypto asset holdings.
Furthermore, Vo1t confirmed that there will be no liquidity lockup. The over-collateralized loans will be callable, meaning that clients can make withdrawals at any time they wish. Vo1t will ensure that the dollar value of the collateral is more than the loaned amount and is stored in the insured cold storage mechanism to reduce the risk of losses.
The interest rate will vary according to the situational demand for loans by the approved borrowers.
Miles Parry, the CEO of Vo1t, noted that the company has been developing their foundational success over the past year. He mentioned that the firm had already created solutions that allow clients to stores their cryptos in segregated offline accounts. Parry said that the new prime account was developed to cater for clients who wanted a storage solution that doesn’t dent their budget. He concluded by promising to launch more products in the near future.