Bitcoin Suisse has added Polkadot protocol governance support to its proprietary and hyper-secure cold storage solution, the Bitcoin Suisse Vault.
Polkadot’s governance process is the most sophisticated governance system in the blockchain ecosystem, integrating knowledge from many fields to allow stakeholders to vote on both community proposals and upgrades of the network.
Through an easy-to-use proxy account setup from the Bitcoin Suisse Vault interface, clients who hold DOT, KSM, and CFG tokens under institutional-level custody for crypto assets can participate in the on-chain governance structure. from Polkadot. This new feature is also available for the growing number of parachains connected to the Polkadot network.
Polkadot protocol governance has 3 arms – the board, the technical committee and the community. Clients benefit from a customizable multi-signature signing process to meet the needs of corporate and financial institutions as well as private investors.
Markus Perdrizat, Head of Custody at Bitcoin Suisse, said, “To advance the Web3 ecosystem, on-chain governance is essential. It is critical for us at Bitcoin Suisse to provide on-chain governance access to our institutional-grade Vault customers, as this is a very fast growing space. The Bitcoin Suisse Vault was already the first solution to offer DOT custody and staking services in June 2020, so this new feature clearly continues our tradition of staying at the forefront of technical innovation.
Kasper Jorgensen, CFO of the Web3 Foundation in Zug, added: “On-chain governance is a key element within Polkadot, ensuring that all decision-making processes on the network continue to be as decentralized as possible, including decisions on no-fork upgrades and cash proposals. We are excited that Bitcoin Suisse customers can now easily participate in Polkadot’s governance process through the Bitcoin Suisse Vault. Enabling easy access to participate in on-chain governance while maintaining tokens in an institutional-grade custody service is a big step forward for adoption and participation on Polkadot”
Swiss Crypto Vault AG is a 100% subsidiary of Bitcoin Suisse AG. The Bitcoin Suisse Vault is based on the fully audited Swiss Crypto Vault solution and supports the storage of BTC, ETH, ERC20/223, BSV, XRP, BCH, LTC, BTG, TRON, EWT and XTZ (including delegation) . Additional crypto-assets are regularly added to the Bitcoin Suisse Vault.
Assets in the fully redundant Bitcoin Suisse Vault are kept in cold storage on individual blockchain addresses and can be accessed 24/7, hardware-free, by customer-defined individuals for trading, transfer and for other purposes.
Now, with the latest Bitcoin Suisse Vault update, DOT holders, as well as KSM and CFG holders, can easily use their Vault account to create a proxy account on any device they choose. This allows their assets to remain safe in cold storage while they participate in governance votes.