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Following in the footsteps of a partner company, Simba Storage, based in Switzerland, Liechtenstein, and the UAE, has received a trading license to legalize its cryptocurrency storage services in Dubai, UAE , according to a press release. Simba is currently the first Bitcoin-backed token that has an official storage license.
Receiving legal acceptance is a significant step in the project’s development, as evident from Binance’s recent announcement of obtaining a trade license in Dubai. CZ, the CEO of Binance, also recently said that he believes that a crypto company cannot grow without a legal foundation. Later in 2021, Binance signed a cooperation deal with Dubai World Trade Centre Authority (DWTCA), setting up an international virtual asset ecosystem.
Simba Storage is an industrial-grade cold storage facility for Bitcoin-based on a multi-signature algorithm. Its storage bins are located in four countries: Switzerland, Liechtenstein, UAE, New Zealand. Simba Storage Token lies at the heart of the storage and works based on the blockchain Ethereum ERC-20 standard.
Simba Storage aims to become a leading crypto bank and crypto storage facility in the industry and has already established its presence by achieving several foundational milestones. They began their development in October 2019 as a self-funded organization and have developed exponentially in the last two years.
One of the unique points of Simba Storage is its ability to restore access to a user wallet even if the seed phrase is lost, using the KYC procedure. This feature is unique to Simba Storage, as other cold crypto storage facilities cannot facilitate that. Moreover, the project has a diversified number of locations where the crypto is stored, including UAE, New Zealand, Liechtenstein, and Switzerland. The cold storage is based on a multi-signature algorithm to ensure its security further.
Simba Storage aims to develop an institutional-grade cold storage technology ecosystem to promote the global adoption of cryptocurrencies using a safe, simple and secure platform for users with or without knowledge and experience. To that end, the project offers a variety of features, including the minting of SIMBA tokens to send to the users when transferring Bitcoin to the storage.
Moreover, SIMBA is backed by Bitcoin in the following ratio: 1 SIMBA = 1 Satoshi. Therefore, the user can use the SIMBA token (ERC-20 token) while their Bitcoin is safely stored at a secure facility. When users want to withdraw their Bitcoin, they can simply send back SIMBA tokens and receive equivalent Bitcoin.
Apart from the SIMBA token, the project also offers SIMBA Storage Token (SST). SST is a utility token of a limited distribution company and has a dynamic price that grows as the project develops. The token’s price has already increased by 2000% in one year since its first listing in July 2020.
In 2021, the crypto industry in the UAE is gaining momentum to become a world hub in the crypto-verse. Moreover, the legalization of services such as TRES’s OTC Trade License and Simba Storage’s Storage License boosts the popularity and reliability of cryptocurrencies globally.
