Paiblock closes non-custodian wallets to focus on regulated services.
Greater Copenhagen, Denmark, September 2, 2024 — Paiblock announced today that it has closed its non-custodian wallet infrastructure to focus on regulated services.
The closing of non-custodian services was initiated in 2020, when the company received licenses from the Danish Financial Supervisory Authority.
“Anonymity is one of the challenges inherent to non-custodian wallets. Because we were unable to perform KYC checks on wallet holders, we were left with no option but to close the infrastructure”, says Mark Arthur, Founder and CEO of Paiblock.
Non-custodian wallets were developed, at Paiblock in 2011, to allow Bitcoin holders and miners to store and use their Bitcoin, at a time Bitcoin was trading around US$13.45.
“Now that all users have moved their assets to other platforms, we can safely close the infrastructure to focus on regulated services,” concluded Mr. Arthur.
Paiblock is committed to supporting virtual currency trading through coinstable.io, a regulated trading platform, while also working with the democratization of art and ownership through the kunstify.io NFT marketplace
About Paiblock
Paiblock provides a rich ecosystem of services that cuts across data-driven shopping, web3 payments, digital currencies trading, NFT marketplace, and self-sovereign identity.
Paiblock is built on four pillars: a highly personalised customer experience, a robust and secure digital environment, easy to use dApps, an engaging user journey from start to finish.
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