With cryptocurrency thefts on the rise, iOS app PaperVault offers a better way of protecting crypto investments.
There have been dozens of cryptocurrency hacks on exchanges including one that led to the collapse of Mt. Gox, once the world’s largest bitcoin exchange. BitGrail is the second major cryptocurrency hack this year. In January, Japanese exchange Coincheck reported that hackers stole $530 million worth of virtual cash. Multiple online and hardware wallets including NiceHash, Stellar, Ethereum, IOTA and Trezor have also reported thefts.
Security experts expect thefts to intensify as cryptocurrency investing becomes mainstream attracting interest from cyber criminals looking for victims that lack experience in defending against hacks. Now there’s an iOS app, PaperVault, to help cryptocurrency investors safely and easily store cryptocurrency for long-term storage.
Created by a group of developers and cryptocurrency investors in Fort Lauderdale, PaperVault is an iOS mobile app designed to safeguard virtual assets in cold storage for the long term. PaperVault securely generates cold storage "paper" wallets for multiple coin types including Bitcoin (BTC), Dash, Litecoin (LTC), Monero (XMR), Ripple (XRP), Stellar (XLM), Bitcoin Cash (BCH) and Ethereum (ETH).
Third party hot wallets and exchanges keep your private keys for you. In the event that something goes wrong with their servers; if they get hacked, or choose to close down, your coins are gone forever. Therefore, experts recommend not storing your cryptocurrency on a third-party live wallet or exchange for longer than a few days. At the same time, keeping a live wallet on your mobile device or PC can be equally unsafe. With PaperVault, your cryptocurrency is entirely within your control. The private keys are printed on a paper certificate and stored entirely offline, making them virtually invulnerable to electronic theft.
For long term stockpiling (or gift giving) of Bitcoin, Ethereum, Litecoin, Monero, Dash, Bitcoin Cash, Ripple and Stellar, investors are recommended to use the PaperVault App. Once the assets are transferred into the paper wallet, your digital currency and private keys are stored offline, so that hackers and unfortunate events cannot interfere with your investment.
About PaperVault
Created by a group of developers and cryptocurrency investors, PaperVault is an app born of necessity with the recent rise in cryptocurrency thefts. PaperVault helps investors safely and easily generate offline cold storage wallets for long-term storage. The app supports multiple coin types. For more information, visit http://www.papervault.org.
