How it started :
The Dubai Multi Commodities Center (DMCC) who regulates, promotes and facilitates trade across a variety of goods from diamonds, gold and precious metals to industrial materials such as tea, food etc. They are also home to major multinationals and start-ups, connect more than 14,100 businesses with leading infrastructure, world class services and vibrant community that they need to thrive and succeed.
Regal RA, is the first company in middle east to get license to trade cryptocurrency as mentioned by Dubai multi commodity centre.
They have started an offline storage which the company likes to call the world's first cold storage vault for crypto.
Ksenia Kiseleva, the manager of Dubai Regal Assests office sees crypto currency as a commodity instead of a payment method. He has mentioned that Regal RA is developing an online trading platform for all crypto-commodities and is planning on applying for licenses
for other countries too.
The company will be able to store Bitcoin, Ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.
This vault is free of any network connection to avoid any chance of hacking, identity theft and malware. All physical devices are fully insured for the crypto-commodities market value against any natural disaster or theft.
The cold storage is supposed to be the" most secure" precious metal facilities in the world.
How is crytpo stored offline?
Crypto is stored offline directly on a hardware wallet rather than any third party service connected to internet.
The security process involves generating offline blocks, using the specific crypto-commodity’s blockchain derived algorithm.
The key is then printed offline within the secured environment on a specialized wallet and placed in deep cold storage in the DMCC vault.
As a long term goal, thier growth plan is to use this technology to disrupt and connect new markets.