DUBAI, United Arab Emirates,
Oct. 17, 2018 /PRNewswire/
-- Regal Group AG, a global alternative investment company,
with offices in Dubai,
Toronto, Los Angeles and Zug, announces its new
exchange custody solution, Nebbex™, which is aiming at putting an
end to asset losses resulting from hacks, breaches, and internal
theft.
Regal Group AG made headlines earlier this year for being the
first company in the Middle East
to receive a crypto trading license, as reported by Bloomberg.
Since then, the company has been helping institutional investors
purchase and store cryptocurrencies like Bitcoin, Ethereum and
others using its deep cold storage vault.
"We're excited to announce the launch of our new solution for
exchanges. The Nebbex blockchain asset market truly has the
potential to revolutionize the industry. Exchanges will be able to
mitigate their risks of asset loss by plugging into our ecosystem
and operating our redeemable tokens. They will also benefit from
our insurance policy which offers additional peace of
mind," says Mr Adnan Haider,
CEO of Regal Group AG.
The Nebbex™ Protocol revolves around a patent-pending off-line
system using smart contracts to reconcile assets out of a physical
vault, in which all assets are held in deep cold storage. The
state-of-the-art vault is located in the Dubai DMCC region, voted
as the #1 free trade zone in the world for 3 years in a row by the
Financial FDI magazine for its favourable trading and investing
landscape. The vault has been ranked as one of the the top 5
most secure vaults globally, according to Brinks.
Unlike other physical cryptocurrency vaults that require 24 to
48 hours for withdrawals, Nebbex™ will be offering exchanges the
ability to withdraw funds from its vault in under 1 hour.
The protocol offers solutions for exchanges, institutional
investors and merchants looking for a secure way to
transact large volumes of crypto assets in and out of the
physical vault.
"There is currently nothing else like Nebbex™ in the market.
Current market solutions offer security or liquidity, but none
offer both. Under the Nebbex™ system, exchanges operate redeemable
tokens directly from their hot wallet, with alerts cross referenced
with deposits they are redeemed in under 1 hour, mitigating the
risks related to custodising client assets themselves. Currently
exchanges maintain a portion of client assets in hot wallets due to
the transaction speed and transaction volume restrictions related
to physical cold storage.
"Typically you have to store your assets in cold storage in a
vault if you want a certain level of security, but then you have to
wait 24 to 48 hours or more if you need to withdraw your crypto
assets. On the other hand, if you want liquidity you have to use a
hot wallet which, as we know it, is very risky and the last place
you want to hold any significant amount of assets in," added
Mr Haider.
The hacking and internal theft problem remains critical in the
cryptocurrency industry and will likely not go away. Hackers are
very sophisticated and will always find a way to access hot
wallets, and database servers, In the first half of 2018
alone, over a billion dollars worth of fiat and
cryptocurrencies were stolen from various exchanges worldwide.
"Institutional investors see the value of owning
cryptocurrencies like Bitcoin, Ethereum and others, but they are
still reluctant in investing any significant amount of money in
this asset class, and that's almost entirely due to the lack of
solid and flexible custody solutions in
the market," said Mr. Amine
Rahal, head of digital strategy for Nebbex™.
Nebbex™ is currently in BETA and seeking exchanges to join
its early adopter program. For a limited time, the company is
also opening a private presale for exchanges, institutional
investors and crypto funds interested in being part of the project.
Learn more about the pilot program and the private presale
on www.nebbex.io
About Nebbex & Regal Group
Nebbex™ is a new blockchain protocol created by, and
licensed under, the Regal Group AG, which has offices in
Switzerland, Canada, the United
States and the United Arab
Emirates (UAE). In 2013, Regal Assets placed 20th in the Inc
500 annual list of the 500 fastest-growing private companies in
the United States. Regal RA DMCC,
a large commodities division operating since 2015, has become the
Middle East's first company to
acquire a license for the regulated trade of digital assets in the
region, as covered by Bloomberg.
For more information please contact IR@nebbex.com and visit our
webpage www.nebbex.com
Media contact:
Amine Rahal
203384@email4pr.com
347-682-3532
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SOURCE Regal Group AG