Digivault now enables its clients to hold assets running on BNB Chain

By Joy Dumasia

FCA-registered crypto custodian Digivault, part of the EQONEX Group, has added support for BNB Chain, enabling clients to now hold assets running on BNB Chain, including BNB, BUSD & BEP20 tokens, in their Digivault accounts.

This follows the announcement earlier this year by Digivault’s parent company, EQONEX Limited, that it had entered into a strategic partnership with Binance Connect (Bifinity UAB), a payments technology company that is part of the Binance Group.

The introduction of the BNB Chain is the latest in a long line of additions that Digivault has added support for in 2022. Each asset is subject to a thorough due diligence process prior to being approved for custody to ensure that Digivault holds only high-quality digital assets.

Tom Griffiths, Digivault’s Chief Compliance Officer, explains: “It is fundamental that all assets go through a thorough Asset Assessment to assure that as a Financial Conduct Authority Anti Money Laundering (FCA AML) registered business, we are doing all that we can to protect the consumer. A robust due diligence process is just one aspect of why clients seek to work with FCA-registered custodians.”

BNB Chain has seen immense traction since launch, partly due to its low gas fees, which is in stark contrast to the Ethereum network’s sky-rocketing gas prices, and partly due to BNB Chain’s reduced network congestion, another issue with the Ethereum network during peak periods.

Rob Copper, CEO of Digivault, says: “We have been working closely with the Binance Connect / Bifinity team since our strategic partnership was announced and are thrilled to add BNB Chain to our portfolio of assets that we support. I am excited at what the next 12 months will bring and am positive that BNB Chain will play a central role.”

IBS Intelligence reported that Digivault, a digital asset custody provider, as part of EQONEX and Asset Reality, the world’s first end-to-end solution for recovering, managing and realising seized crypto assets, has been engaged by Belgian law enforcement agencies to provide recovery, storage and management services for seized crypto assets.