Insights

Digivault now supports BNB Chain

August 19, 2022

FCA-registered crypto custodian Digivault 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 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, in part due to its low gas fees which is in stark contrast to the Ethereum network’s sky rocketing gas prices, and in part due to BNB Chain’s reduced network congestion, another issue with the Ethereum network during peak periods.

Rob Cooper, 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.”

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