Dubai, United Arab Emirates–(Vehement Media. – December 24, 2021) – Simba Storage, the first token in the world released for Satoshi Bitcoin, receives a crypto storage license from DMCC (UAE Free Economic Zone). The project is a partner of TRES OTC DMCC, which received the first cryptocurrency trading license in Dubai. Following in the footsteps of a partner company, Simba Storage, based in Switzerland, Liechtenstein and the UAE, has received a trading license that will legalize its cryptocurrency storage services in Dubai, UAE. 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 receiving a trade license in Dubai. CZ, the CEO of Binance, also recently said in an article that he believes that a crypto company cannot grow without a legal foundation. To that extent, being legally compliant will add to the merits of Simba Storage.
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 already. 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 selling points of Simba Storage is their 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. To further ensure its security, the cold storage is based on a multi-signature algorithm.
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. The user can use the SIMBA token (ERC 20 token) while their Bitcoin is safely stored at a secure facility. When the user wants 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.
The crypto industry in the UAE is slowly gaining momentum to become a hub in the crypto-verse. Moreover, the legalization of services such as TRES’s OTC Trade License and Simba Storage’s Storage License is boosting the popularity and reliability of cryptocurrencies globally.
About Simba Storage
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 on the basis of the blockchain Ethereum ERC-20 standard. It provides liquidity and convenience, as users can move, exchange and withdraw it within 24 hours.
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Media Contact:
Contact Person: Alena Detkina
Email: partner@simba.storage
Website: https://simba.storage