OWNERS OF BITCOIN will now have a new, safer way to store the crypto-currency after the first secure Bitcoin cold storage service.
The service is the result of a partnership between two Irish companies BitVendo, which provides ATM facilities for bitcoins in Ireland, and Merrion Vaults, a safe deposit box facility which was first set up last year.
Cold storage allows people to store a reserve of bitcoin offline, away from web servers or any other computer.
The service is normally used to keep large amounts safe and protects it from being robbed or stolen through a hack or security breach.
The partnership was formed after a number of traditional banks in the country have opted not to provide accounts for bitcoin due to the nature of the business.
The founder of Merrion Vaults, Seamus Fahy, welcomed the move saying it “will meet the need to make a secure, safe deposit box facility available to Bitvendo’s unique client base.”
So far, Bitvendo has one bitcoin ATM located in GSM Solutions, which also trades and pays its staff in bitcoin, in Dublin and hopes to expand the service to other parts of the country.
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