Digivault and Asset Reality announced a new partnership to make the digital asset ecosystem more secure by helping global law enforcement and victims of cybercrime recover their assets.
Soaring crypto prices and bullish market sentiment have increased the participation of over 221 million users globally, however, the industry remains vulnerable to hacking and phishing events that exceed billions of dollars of losses every year. Secure storage of digital assets is an important last line of defense given the challenges associated with recovering assets once a breach has occurred.
With these factors in mind, Digivault and Asset Reality have teamed up to combine their unique industrial capabilities to help law enforcement agencies mitigate damage and loss to victims. Investigating and recovering crypto assets is a very complex task. As part of this partnership, Digivault will support Asset Reality law enforcement clients by providing them with their secure storage for seized digital assets.
Digivault, as a member of the Nasdaq-listed EQONEX group, has been specially designed to provide a compliant custody solution to holders of digital assets. In May 2021, it set the standard, as the industry’s first autonomous FCA registered custodian. It also complies with all institutional level security certification standards.
Launched in 2020 by a seasoned team of crypto asset recovery practitioners, Asset Reality was created to help law enforcement agencies as well as public and private sector clients navigate the complex process of asset recovery, including investigation, management and realization of seized digital assets, including cryptocurrencies.
Speaking on the partnership, Digivault CEO Robert Cooper said, âThe digital assets and the technology infrastructure that supports them represent huge opportunities for the financial industry and investors. We have built our business to seize this opportunity by working with regulators to raise industry standards and set new benchmarks in safety for our clients in the storage of their assets.
âThis partnership with Asset Reality reflects our deep commitment not only to resolving security threats, but also to working across the industry to provide solutions that can help victims of crime and law enforcement. follow the recovery process with peace of mind.
Asset Reality Co-Founder Aidan Larkin said: âThe rapid development of the digital asset space has created unforeseen challenges for global law enforcement agencies, which are grappling with varying levels of regulations, unscrupulous players and a community of new users who may not be aware of the risks. While blockchain analytics tools have helped build confidence in blockchains, clients in the public and private sectors are now struggling to manage foreclosed assets like cryptocurrencies. â
âIt is through the prism of this emerging challenge that we have seen that a specific solution for the industry simply does not exist. By combining our in-house experience in crypto investigations and asset forfeiture with strategic partnerships between industry leaders in investigation, analysis and custody, we advance in Asset Reality’s mission to make more secure and fairer cryptography. Partnering with companies like Digivault and benefiting from the expertise they bring makes our mission much easier â.
As part of the partnership, Digivault and Asset Reality will also work together to raise awareness of industry threats and advocate for reasonable industry compliance standards.
âWe are looking for partners who share our philosophy and our goal, so that together we can play a vital role in moving the industry forward. Digivault, as a member of the EQONEX group, provides a crucial element in our efforts to help victims of crime and law enforcement, and we are delighted to expand our efforts to jointly educate and defend the means to ‘improve the industry,’ said Hugo Elliott, co-founder of Asset Reality.