Our BitBucks Wallet now offers the possibility to safely store your Bitcoin keys with our Partner Tangany, a specialized and licensed custodian under German financial market supervision. So far, this kind of custody method was mostly used by institutional investors. The well known alternative to this, was the self custody method, with all its pros and cons.
Yet this form of custody requires an essential knowledge and Know-How of Bitcoin. Thats because during the big Bitcoin exchange place crashes and scams, many Bitcoins were lost. But actually, the bigger amount of inaccessible Bitcoin arises from self custodians who lost their keys or general access to their wallets.
Another big difficulty with self custody is that data protection and privacy do not necessarily shine with hardware wallets. An example for this is the extensive customer data leak from Ledger in 2021. For crypto experts, this incident shattered some illusions of security and privacy with hardware wallets.
Institutional investors store their Bitcoin solely for compliance reasons obviously not on Hardware or Paper Wallets, but rather with custodians, who are specialized in these security procedures. Aside from these big tech companies, there's also banks and crypto exchanges who have the BaFin License to fulfill the crypto custody business in Germany. Combining these different business fields, potentially has a harmful influence on its risk management.
BitBucks Bitcoin Custody
The separation of different financial fields is therefore crucial as the custodian. The risks involved with this kind of custody have no technical or organizational background, but are only situated in entrepreneurial aspects resulting from the operational activities of the custodial company.
The Bitcoin Custody of our BitBucks Wallet guarantees this separation. Investors and Bitcoin enthusiasts don't have to worry about the safety of their hardware wallet or about the secrecy status of their seed phrase. With BitBucks there is no risk involved in losing your keys or a compromise of your seed phrase. We at BitBucks are totally committed to protecting your assets and data. Our customer deposits are never used for investing, lending or other financial services.
BitBucks excels for the professional custody of Bitcoin.