BNB Chain support is added by EQONEX Group (Nasdaq: EQOS) FCA-registered crypto custodian Digivault, allowing customers to hold BNB, BUSD & BEP20 tokens in their Digivault accounts.
This comes after EQONEX Limited, Digivault’s parent company, announced earlier this year that it had formed a strategic alliance with Binance Connect (Bifinity UAB), a member of the Binance Group, and a payments technology firm.
BNB Chain is the most recent addition to a long list of updates that Digivault has introduced support for in 2022. Before being approved for custody, each asset must undergo a thorough process to ensure Digivault holds only top-notch digital assets.
Chief Compliance Officer of Digivault, Tom Griffiths, explained that in order to protect the clients as a Financial Conduct Authority Anti Money Laundering (FCA AML) registered business, it is critical that all assets must go through a thorough Asset Assessment.
He also added that clients are looking to operate with FCA-registered custodians for many reasons, including a thorough due diligence process.
Since BNB Chain’s launch, due to low gas emissions and partly due to its low network congestion usage, both qualities are the complete opposite of the Ethereum network’s extremely high gas prices and its high network usage during peak periods. This has gained BNB Chain a lot of interest.
According to Digivault’s CEO Rob Copper, since the announcement of strategic partnership, the company has been collaborating closely with the Binance Connect / Bifinity team, and he is delighted that the firm now supports BNB Chain, and optimistically looking forward to what the upcoming year would bring and is certain that BNB Chain will play a significant role.
