Lendingblock Partners With Vo1t to Provide Cryptoasset Custody

Lendingblock, the securities lending exchange for cryptoassets, today announces that it has partnered with cryptoassets custodian Vo1t to provide a military-grade cold storage capability for its institutional lending exchange.

Vo1t will support Lendingblock’s platform by offering a 24/7 global custody service that will ensure funds are kept in high security cold storage while still being accessible within 30 minutes by Lendingblock and clients. Importantly, clients’ funds are kept segregated, preventing the commingling of assets and maintaining transparency around how a client’s assets are being handled and stored.

Funds will only be transferred out of cold storage to be sent back to the borrower upon loan maturity or liquidated and sent to the lender in the event of loan default.

Charlie Beach, Chief Operating Officer at Lendingblock said,

We’ve conducted an extensive review of custodial providers, and we chose Vo1t because we believe they are an industry leader in providing an insured and secure, multi-asset custodian system that meets our primary goal of protecting our clients’ assets. Vo1t’s ability to release funds rapidly further provides our clients with the flexibility required to carry fast transactions through our platform. Lendingblock’s partnership with Vo1t signifies a significant step towards building the robust market and financial infrastructure necessary to bring further institutional participants to use digital asset lending as part of their daily investment strategies.

Miles Parry, CEO at Vo1t said:

We are delighted to be working with Lendingblock, as they bring the benefits of securities lending to crypto institutions through their professional digital assets lending exchange. The decision recognises Vo1t’s strong commitment to providing the utmost safety security measures taken on behalf of clients’ digital funds.

Vo1t’s features include extreme security measures such as multiple layers of encryption of private keys, geographic distribution of private keys, thermal, vibration and motion detection, Faraday shielding to prevent against wireless infiltrations, 24/7 patrols and alarm monitoring with police response.

Under the partnership funds transferred to Lendingblock and secured by Vo1t are covered by a dedicated crypto assets insurance programme.

Those Banned From Facebook May Not Be Able to Use Its Cryptocurrency Libra

Facebook’s two days of congressional hearings on the social media giant’s cryptocurrency ambitions seemingly revealed that those who have been banned from Facebook may not have access to Libra.

During the congressional hearing Facebook had to answer some tough questions, and one of them came from Representative Sean Duffy, which asked the company’s cryptocurrency head, David Marcus, who’ll have access to Libra.

The Congressman initially asked Marcus who could use the cryptocurrency, to which Calibra’s CEO answered: “anyone that can open a Calibra account, that can go through KYC [know-your-customer checks] in countries where we can operate.”

Duffy then referenced two individuals banned from Facebook for violating its community guidelines, Louis Farrakhan and Milo Yiannopoulo, and asked whether they’ll be able to use the social media giant’s cryptocurrency.

Marcus ended up replying he doesn’t “know yet,” after seeing Duffy hold a $20 bill and ask hin who can use it. His point was that cash doesn’t discriminate, and that anyone who can hold it can use it.

While throughout the hearing Marcus tried to point out the company will follow appropriate regulations and comply with lawmakers, Duffy responded that a proper answer would be “as long as you abide by the law, you can use Libra.” The fact he didn’t get this answer, Duffy said, gave him “great pause.”

Speaking to The Daily Beast Elka Looks, a Facebook spokeswoman, clarified Marcus addressed the Congressman’s concerns later on in the hearing. She stated:

For Libra, anyone who is engaging in lawful activity will be able to transact on the network. Facebook will have no say. For Calibra, there is no policy in place yet, but we will share it when it is closer to being finalized.

The news outlet adds that Calibra, Facebook’s wallet to send, receive, and hold Libra, doesn’t yet have final terms of service or a privacy policy. All of this means that those who’ve been banned on Facebook may not have access to its cryptocurrency.

As CryptoGlobe covered, Congressman Warren Davidson implied during the hearings Facebook’s crypto is a ‘shitcoin’ as it doesn’t have some of the properties bitcoin has. The Congressman made it clear bitcoin has no central authority that can censor transactions or dilute its value, while Libra has the Libbra Association.