Bitcoin Suisse Vault taps Polkadot governance features

Polkadot’s governance process is the most sophisticated governance system in the blockchain ecosystem, incorporating knowledge from many fields to enable stakeholders to vote on both community proposals and upgrades to the network.

With an easy-to-use proxy account setup from the Bitcoin Suisse Vault interface, clients who hold DOT, KSM and CFG tokens in the institutional-grade custody for crypto assets can participate in Polkadot’s on-chain governance structure. This new feature is also available for the growing number of parachains connected to the Polkadot network.

Polkadot protocol governance has 3 arms — council, technical committee, and the community. Clients benefit from a customizable multi-sig signing process to serve the needs of both corporate and financial institutions as well as private investors.

Markus Perdrizat, Head of Custody at Bitcoin Suisse, commented: “To advance the Web3 ecosystem, on-chain governance is key. It is essential for us at Bitcoin Suisse to offer access to on-chain governance for the clients of our institutional-grade Vault solution, since 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 is a clear continuation of our tradition of staying at the forefront of technical innovation.”

Kasper Jorgensen, CFO at the Web3 Foundation in Zug, added “On-chain governance is a key component within Polkadot,  ensuring all decision-making processes of the network continue to be as decentralized as possible including decisions on forkless upgrades and treasury proposals. We’re pleased Bitcoin Suisse clients are now easily able to participate in the Polkadot governance process through the Bitcoin Suisse Vault. Enabling easy access to participate in on-chain governance while keeping tokens in an institutional grade custody service is a big step forward for adoption and participation on Polkadot”

Swiss Crypto Vault AG is a wholly owned subsidiary of Bitcoin Suisse AG. The Bitcoin Suisse Vault is based on the fully audited Swiss Crypto Vault solution and supports storage of BTC, ETH, ERC20/223, BSV, XRP, BCH, LTC, BTG, TRON, EWT and XTZ (including delegation). Additional crypto assets are being regularly added to the Bitcoin Suisse Vault.

Assets in the fully redundant Bitcoin Suisse Vault are held in cold storage on individual blockchain addresses and are accessible 24/7 without hardware by client-defined individuals for trading, transfer and other purposes.

Now, with the latest update to the Bitcoin Suisse Vault, DOT holders, as well as holders of KSM and CFG, can easily use their Vault account to create a proxy account on the device of their choice. This allows their assets to remain securely in cold storage while they participate in governance votes.