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

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

by Patricia

French startup StackinSat has unveiled a new product: a digital safe with a Proof of Reserves. Like Bitcoin (BTC), StackinSat relies on transparency to guarantee its customers that their funds are kept in full in its vaults

StackinSat unveils its digital safe

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

This new offer for individuals and professionals allows them to save BTC in complete security without worrying about the safekeeping and security of their funds

This new service is designed for individuals who want to open a Bitcoin Savings Plan and delegate the safekeeping and security of their private keys, or for companies that have a problem with the governance of their private keys.

It is true that for many people, especially beginners, it can be anxiety-provoking to be one’s own bank and to have to manage the safekeeping and security of one’s private keys and therefore one’s funds.

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

One of the main advantages of Bitcoin is the ability for users to hold and secure their assets themselves without going through a trusted third party if they wish. While we encourage our clients to take full advantage of this technology by encouraging them to hold and secure their own private keys, keeping private keys requires knowledge of crypto-currencies. “

This digital vault is now offered alongside the historic offer of automatic purchase-delivery of BTC to one’s own wallet.

A commission of 2.5% of the transaction amount will be applied to this BTC buy-and-hold service, while the cost of the historical buy-and-hold service, which StackinSat recommends, is maintained at 1.5%.

Also note that StackinSat provides full transparency through the implementation of a Proof of Reserves, which will assure its customers that their bitcoins are being held in full in the company’s vaults.

New StackinSat dashboard

New StackinSat dashboard

What are the advantages of the StackinSat digital safe?

Simplicity

Many people find it difficult to manage the creation and maintenance of a portfolio themselves. With StackinSat’s digital vault, there’s no need to worry about that.

Once you have purchased your BTC, they are automatically stored and secured on a unique wallet dedicated to your account

Security

A pillar of StackinSat’s mission, the security of user funds is ensured through several mechanisms:

  • each user has their own safe;
  • withdrawal time is one working day;
  • security audits of digital safes are carried out regularly;
  • StackinSat uses MPC (multi-party secure computing) technology. This means that a single person, regardless of their hierarchical level at StackinSat, cannot access the bitcoins held by the company.

StackinSat’s commitment

StackinSat assures that its customers’ BTC will never be used in any way: loans, collateral placement, etc.

Transparency and Proof of Reserves

A key pillar of this new offer, StackinSat plays the card of complete transparency with the concept of Proof of Reserves.

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

This involves two main areas:

  • All StackinSat customers’ bitcoins are held separately using unique numerical addresses, which are independently searchable on the blockchain;
  • the Proof of Reserves is done while keeping the startup’s customers anonymous. This makes it possible to verify that the platform does indeed hold the BTC in its vaults, but also that it is in possession of the private keys.

The startup aligns itself 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 exchange platforms:

These platforms are like traditional banks, opaque “black boxes” where very little information is disclosed about their capital reserves. This we believe is inconsistent with the philosophy of Bitcoin.

Individualized vaults

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

StackinSat is taking another turn by creating separate vaults for each of its customers, identifiable by a unique address.

This allows the startup’s customers to transparently and independently verify the amount of funds secured in the Bitcoin blockchain at any time. This also adds an extra layer of security, as not all BTC are held in a single wallet.

The Bitcoin event of the year

StackinSat is also the startup that organizes the Surfin’ Bitcoin event, whose 3rd edition will take place from August 25 to 27 in sunny Biarritz.

With the code CRYPTOAST21, you can get a 21% discount on your tickets (code available until June 30th)

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