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October 14, 2022

What Is A Digital Safe Deposit Box for Cryptocurrency?

What Is A Digital Safe Deposit Box for Cryptocurrency?

You’re likely familiar with the concept of a safe deposit box. Usually stored in a bank's vault, safety deposit box owners use it to house cash and valuable items they want to keep locked away from the risk of loss or theft. Now, in a world where people are amassing huge cryptocurrency and digital asset portfolios, it’s time for a digital safe deposit box.

The Defi space is awash with phishing scams and hacks. Even the most careful individuals are susceptible to intrusion every time their wallet is active and online. So, as an added layer of protection for digital assets, investors can turn to crypto vaults to house their digital safe deposit box.

Why Is Safe Crypto Storage Needed?

Most cryptocurrency users have funds secured on a cryptocurrency exchange or an online hot wallet – these are the two most vulnerable methods of crypto storage. As both of these storage types are always online, they are a prime target for hackers – especially those using a cryptocurrency exchange.

The major downside to crypto is the little regulation means your funds are protected should a hack happen. If your portfolio is stolen, you aren't getting it back. Therefore, if you’ve amassed a collection of cryptocurrencies and digital assets you can’t afford to lose, you should look at alternative cryptocurrency storage, such as a safe deposit box in one of the most robust crypto vaults.

How Does A Cryptocurrency Safe Deposit Box Work?

A digital safe deposit box uses multiple layers of protection to secure assets for owners, making it near impenetrable and impossible for hackers to complete a transaction and steal the content of the box.

Harnessing the power of the blockchain, once the safe deposit box is created and items transferred into it, a hacker will find it tremendously challenging to break in and take what’s stored there. With MPC technology, the cryptocurrency storage box is only accessible when all the devices used to create the box attempt to access it at the same time. As the keys are separated across these devices, getting inside is impossible unless you’re the owner.

Even the provider of the safe deposit box can’t get in.

Is A Cryptocurrency Vault Safe?

If you’re looking for safe crypto storage for digital assets and tokens, there’s nothing more secure than a digital safe deposit box. People all over the world trust physical safe deposit boxes that are locked away in a bank safe. However, as you’ll have seen in heist movies, these are accessible in numerous ways. Furthermore, bank managers often have keys to open these boxes too.

The bonus about a digital safe deposit box is that the owner is the only person who can access it. Many people ask if they should put their cold storage hardware crypto wallet in a bank safe deposit box. Now, thanks to Escrypto, there’s no need to. It’s more secure to use a digital safe deposit box. There’s no fear of something drilling in, stealing your digital assets, or a rogue bank manager walking out with your funds.

What Can You Put In A Crypto Safe?

Any item stored on the blockchain can be added to the crypto safe. Essentially, you can put any cryptocurrency or NFT into your digital safe deposit box – just like you can with a digital wallet.

Many people are considering adding important documents to the blockchain such as copies of IDs, deeds, contracts, and more. That way, they can keep all vital digital documents locked away in the tightest encryption available.

Introducing Escrypto’s Safe Deposit Box

Usually, the technology needed to create a secure digital safe deposit box is reserved for institutional traders. The protocols put in place are costly and time-consuming to build, meaning the price is too much for a single retail investor. However, Escrypto is on a mission to bring the maximum level of security to retail traders.

Currently, there is a trust barrier that needs to be overcome. Mass adoption of crypto is being held back by the threat of hacks, scams, and little to no regulation. Escrypto is overcoming these barriers to entry, by showing all investors how safe and secure cryptocurrency can be.

In fact, the digital safe deposit box proves that this is a more secure and viable option than using a traditional box stored in the vault of a bank.

For the most cost-effective and safest crypto storage, look no further than Escrypto.

In Summary

For centuries, people have relied on a safe deposit box to keep their most valuable and important items secure. Now, as we move into an ever-more digital world, finding a method of protecting digital assets is crucial to helping society adopt cryptocurrency and decentralized finance.

Not only this, we’re already seeing everyday banking become predominantly digital, as well as other legal documents and processes. With such disparity in tech-savviness and the ability to defend ourselves from cyber-attacks, people need a trusted system to step in and provide storage facilities that operate seamlessly without the need for in-depth tech knowledge.

Escrypto has provided the answer with its brand new, patent-pending digital safe deposit box.

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