The Gibraltar-based cryptocurrency exchange INX has picked the cryptocurrency custody provider GK8 for the custody of its digital assets. The Israel-based cryptocurrency startup will provide its offline custody solution to the INX exchange for securing and managing digital currencies on its trading platform.
INX taps GK8’s offline digital asset custody solution
INX recently started the first Securities and Exchange Commission-approved token initial public offering (IPO) of the world. The SEC-registered IPO holder is now looking forward to storing its digital assets hundred percent offline and for this purpose, it has tapped the offline digital asset custody solution of GK8 as per the announcement published on September 16, 2020.
The cryptocurrency exchange said in a tweet that it plans to use the offline custody solution of GK8 for managing and storing its crypto assets. It involves the use of the end-to-end platform of GK8 which includes “patented air-gapped vault”. This vault has the ability to “create, sign and send blockchain transactions while staying 100% offline”.
While praising the security standards of GK8, the President and Co-Founder of INX Shy Datika said that these are outstanding and they will help them in boosting the adoption of INX. Datika said:
“Our offer is a truly new era for traditional investors and institutions that still didn’t leverage the potential of digital assets. We believe that by introducing ‘Kosher’ digital asset opportunities to the market, we will change the world of trading. Using GK8’s outstanding security standards will make the adoption of INX easier”
Cryptocurrency is becoming mainstream
The Chief Executive Officer (CEO) and Co-Founder of GK8, Lior Lamesh considers this agreement with the INX exchange an important milestone. Lamesh said that we are noticing a shift in the financial sector all across the whole world and traditional banks are also thinking about offering DLT-based assets. Lamesh is of the view that cryptocurrency, with the passage of time, is now ‘becoming mainstream’.
According to Lamesh:
“With 40 million Americans already holding Bitcoin, and the recent OCC ruling that authorized U.S. banks to offer crypto custody, crypto is becoming mainstream. Banks that want to adapt to the digital currency age need to enter this domain without compromising on their security”.