StackinSat launches Proof of Reserves with its digital safe, a first in Europe

StackinSat unveils its digital safe

Platform 100% dedicated to simplifying investment in the Bitcoin (BTC), StackinSat today launches its digital safe.

This new offer for individuals and professionals allows save BTC safely without worrying about the conservation and security of its funds.

By focusing on extreme simplicitythis new service is aimed in particular at individuals who wish to open a Bitcoin Savings Plan by delegating the storage and securing of their private keys or at companies with a problem of governance of their private keys.

It is true that for many, especially beginners, it can be stressful to be your own bank and having to manage the storage and security of their private keys and therefore of their funds.

Although it is always preferable to hold and interact with your own wallet, as StackinSat reminds us, the platform here offers an easy-to-use solution which will delight those wishing to take their first steps in investing in Bitcoin.

“One of the main advantages of Bitcoin is the possibility for its users to hold and secure their assets themselves. without going through a trusted third party if they wish. Although we encourage our customers to take full advantage of this technology by encouraging them to own and secure their private keys themselves, private key custody requires cryptocurrency knowledge.

This digital vault is now offered alongside BTC’s historic buy-and-deliver offering to its own wallet.

A committee of 2.5% of the transaction amount will be applied to this BTC buy-hold service, while the cost of the auto-delivery buy-history service to its own wallet, which StackinSat recommends, is kept at 1.5%.

Also note that StackinSat provides complete transparency through the implementation of a Evidence of Reserveswhich will guarantee its customers that their bitcoins are well kept in full in the company’s vaults.

New StackinSat Dashboard

What are the advantages of StackinSat’s digital safe?

The simplicity

For many, it is not necessarily easy to manage the creation and maintenance of a portfolio yourself. With StackinSat’s digital safe, no need to worry about it anymore.

Once your BTCs have been purchased, they are automatically stored and secured there in a unique wallet dedicated solely to your account.

Security

Pillar of StackinSat’s mission, the safety of user funds is ensured by several mechanisms :

  • each user has their own safe;
  • the withdrawal period is one working day;
  • security audits of digital safes are carried out regularly;
  • StackinSat uses MPC (secure multiparty computing) technology. Thus, a single person, regardless of their hierarchical level at StackinSat, cannot access the bitcoins kept by the company.

StackinSat’s commitment

StackinSat ensures that its customers’ BTCs will never be used in any way whatsoever: loans, placement as collateral, etc.

Transparency and Proof of Reserves

True pillar of this new offer, StackinSat plays the card of complete transparency with the concept of Evidence of Reserves.

StackinSat becomes the first European platform to implement a Proof of Reserveswhich ensures total transparency with its users and the regulator on its operation and its reserves, in particular by proving that all the funds it manages are indeed held in its safes.

This involves two main axes:

  • all bitcoins from StackinSat customers are held separately using unique digital addresses, which are independently searchable on the blockchain;
  • the Proof of Reserves is carried out in maintaining the anonymity of the startup’s customers. This makes it possible to verify that the platform indeed holds the BTCs in its safes, but also that it is in possession of the private keys.

The startup aligns itself here with the very philosophy of Bitcoin and believes that it is essential to adopt this solution to combat the fractional reserve system and the insolvency problems affecting exchanges:

“These platforms are like traditional banks, opaque “black box” companies where only very little information is communicated about their capital reserves. What we deem to be inappropriate with the philosophy of Bitcoin”.

This system will be integrated into the StackinSat offer in the coming weeks.

👉 Learn more about StackinSat’s Proof of Reserves

Individual safes

Since the vast majority of cryptocurrency exchanges store their clients’ funds in a common wallet, users are unable to truly know if they are using their crypto-assets without their consent to make them grow.

StackinSat takes another turn by creating separate safes for each of its customers, identifiable by a unique address.

Thus, the startup’s customers can check on the Bitcoin blockchain at any time, transparently and independent, the amount of funds secured there. It also adds an extra layer of securitysince not all BTC are kept in a single wallet.

The event of the year dedicated to Bitcoin

StackinSat is also the startup that organizes the Surfin’ Bitcoin event, the 3rd edition of which will take place from August 25 to 27 under the sun of Biarritz.

With code CRYPTOAST21you can enjoy a 21% reduction on your tickets (working code until June 30).

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About the Author : Clement Wardzala

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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the sector becomes more democratic for everyone.
All articles by Clément Wardzala.

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