WHAT IS "PRIVATE KEY BANKING"?
The new field of "private key banking" or "cryptocurrency asset banking" is a recent development in the banking field. In the United States banks were permitted to provide cryptocurrency custody services starting July 22, 2020. BlockchainXperts has subsequently developed the first and most secure crypto asset custody system currently available to banks.
We implement the world's most secure cold storage with banks, by amongst other security techniques, using 2 types of secure hash algorithms (including Argon2); 4 independent nodes; 5 separate layers of security, as well as; a composite of 10 keys (including algorithmic keys, physical keys and cryptographic keys) each of which belongs to the nodes in the 5 layers of security. The virtual plus"brick-and-mortar" security, includes a decentralization of keys and distribution of assets globally - all while maintaining strict, client-exclusive/"single-entity" control of the private keys. Clients have exclusive access to their private keys, without having to save their private key anywhere.
There is no need for the client to remember and store the private key until either the client requests withdrawal/transfer of funds or until duly authorized heirs, beneficiaries or inheritors request access to the private key/s. Of the 5 independent layers of security offered, the bank plays the central and most important part in maintenance, management and custody, hence the term "private key banking." BlockchainXperts offers the proprietary system, overall process management and training for implementing and running cryptocurrency asset and private key banking.
For more information:
please read the articles and the "Office of the Comptroller of the Currency" letter provided below.