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Top 3 Bitcoin Vault Service Providers

To keep one’s bitcoins safe, it is sometimes required to take some borderline paranoid precautions these days. So-called vault services have become more popular in the bitcoin world as of late. Bitcoin holders want to keep the funds safe from harm and the few companies providing such services are more than happy to oblige.

3. Xapo Vault

Although most people know Xapo as a company providing bitcoin exchange and debit card services, There is more than meets the eye. Xapo acknowledged the need for a bitcoin vault service quite some time ago, as it is of the utmost importance no one can steal customer funds. Considering how there is no chargeback system in the bitcoin world, there is no way to reverse transactions if theft occurs.

The Xapo vault is exactly what one would expect: secure bitcoin storage. The company prides itself on having the capacity to protect user assets with their three-layer solution. Multi-factor authentication and private key segmentation are two of the security methods implemented by the vault service. Moreover, the user’s identity is verified every time funds are moved out of the vault.

2. Elliptic Vault

This London-based bitcoin service provider made quite a name for itself in January of 2014 when the vault service was first announced. Elliptic Vault uses deep “cold storage” and stores bitcoin wallet private keys on offline servers in a secure and an undisclosed location. Moreover, all of the funds handled by the company are insured, which is a rather unique feature in the world of secure bitcoin storage.

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Moreover, Elliptic Vault is underwritten by Lloyds bank, which is a significant vote of confidence. Every private key is encrypted and stored offline, yet multiple copies exist, all of which are protected by cryptographic and physical security. Elliptic Vault may sound like a “paranoid” bitcoin wallet service, yet it offers quite a few benefits people will want to take advantage of.

1. Coinbase Vault

For those people who prefer a more traditional bitcoin vault service, the Coinbase Vault may be well worth checking out.  The vault service is provided for all Coinbase users once they create an account, as they can generate a standard or a “vault” wallet. Both types of wallet can receive funds just fine, but the vault service does not allow for immediate withdrawals.

Depending on how the user sets up their account and security preferences, multiple steps may be required before a withdrawal can be made. Users can also split up the ownership between multiple users and even require multisignature approval for every transaction. Having the option to create either a personal or group vault is quite intriguing, to say the least. A convenient solution, that much is certain.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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