MetaVault, a company offering secure storage of cryptocurrencies such as Bitcoin and Ethereum, has opened a new office in the Isle Of Man.
The company offers itself as a digital asset custody provider, offering insured and uninsured safe custody of assets up to $100m. (£79m).
According to the MetaVault website the new business is a ‘joint venture’ with another island company Solutions Hub, a digital asset and gambling specialist.
The Isle of Man boasts gaming and financial services regulators proactively engaging with blockchain enterprises”
With the office opening, MetaVault is responding to the growing demand for gaming, exchange and financial institutions to be able to accept and store digital assets securely.
MetaVault co-founder Justin Short said: “The decision to expand into the Isle of Man was a logical step in our business growth strategy.
“The Isle of Man boasts gaming and financial services regulators proactively engaging with blockchain enterprises.
“Supporting player protection mechanisms, exchanges and financial institutions with secure, insured and uninsured digital asset custody provides confidence in the technology for regulators, businesses and consumers by removing significant risks from the ecosystem.”
MetaVault claims financial institutions such as banks and exchanges can store cryptocurrency with peace of mind with protection underwritten by A-rated London-based insurers.
Lyle Wraxall, chief executive of the Department for Enterprise’s Digital Isle of Man agency added: “Blockchain Isle of Man is very pleased to welcome MetaVault to the Island.
“The Isle of Man prides itself on its superior player protection regulation in e-Gaming and being a centre of excellence for finance, the services offered by MetaVault will assist in maintaining that high standard. It is fantastic to see that the Island is continuing to attract diverse technology-focussed businesses, and we look forward to MetaVault adding to our already rich digital ecosystem.”