Bitcoin Storage

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Deep freeze storage

The majority of customer Bitcoin funds are kept in what we call “deep freeze” storage. These are multi-signature wallets, with private keys stored in different bank vaults.

No single person ever has access to more than one key. Spending any Bitcoins from deep freeze storage requires a coordinated effort with multiple layers of encryption and security checks. Wallet backups are also stored in encrypted form.

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Hot wallet

We maintain a multi-signature hot wallet to facilitate instant Bitcoin withdrawals. We control one of the keys and the other is held by the multi-signature custodian leader

Splitting control of the keys between the company makes the wallet much more secure, because an attacker would have to compromise BitValey systems in order to steal the keys.

Authentication

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Passwords

Passwords are stored in hashed form: nobody other than yourself ever has access to your password. We make sure that users use a strong password when they sign up with BitValey.

We recommend using Lastpass, Keychain, Keepass or another reputable password manager to generate and keep track of a strong password.

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Two factor authentication

Two-factor Authentication (2FA) is supported to provide another level of authentication and ensure complete peace of mind.

With 2FA enabled, you will add an extra layer of protection to your account: a one-time code that can only be generated on your smartphone.

Company security principles

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Site, service & staff

All web services and communication happens over SSL-secured (https) channels. Wallets are stored using PGP encryption. No individual has direct access to customer Bitcoin funds and regular auditing — both financial and security auditing — ensures that funds are always safe and fully accounted for.

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Personal information

All personally identifiable information, such as ID numbers, names and identity document scans, are encrypted and securely stored. Access to this information is logged and strictly controlled on a need-to-know basis.