Premier investigation agency of India appoints Liminal as...
New Delhi, 16 March 2023: Liminal, a wallet infrastructure platform, announced today that it has been appointed by one of the leading premier inves...
March 16, 2023
Premier investigation agency of India appoints Liminal as their self-custody solution partner for the safe storage of seized digital assets
Nation Now TV March 16, 2023
New Delhi, 16 March 2023: Liminal, a wallet infrastructure platform, announced today that it has been appointed by one of the leading premier investigation agencies of India to manage seized digital assets in a non-custodial manner securely. Self-custody is considered the most secure way to store digital assets in a wallet completely under your control, with keys only known to you. As a part of this association, Liminal will empower the agency with secure storage of digital assets, which they impound under their investigations.
As the world only began to talk about self-custody, the investigating agency had already implemented this technology long before the FTX incident. This demonstrates their forward-looking nature and their commitment to staying ahead of the curve compared with most private and government organizations. It can be rightly recognised as a leading government entity in the adoption of self-custody and blockchain technology in India, as the organization was well aware of the consequences of a single point of failure.
Transparency, Security and Trust:
In a first of its kind, Liminal has deployed its state-of-the-art self-custody infrastructure to ensure complete transparency in seizing the assets. A separate digital wallet would be created for every case that the agency investigates involving digital assets. Once the investigation results are out, the agency can take necessary actions without the need to involve Liminal, as they hold full control over the assets. This ensures that all the critical parameters for the esteemed agency are covered, i.e., transparency, security, and trust.
Commenting on the development, their incharge of cyber-crime branch said, “The biggest challenge with centralized exchanges is that the keys are not in our control. We were looking for a tech-savvy solution to be able to seize any assets under investigation without the involvement of a third party. We also wanted to ensure that we enforce strict internal controls over these digital assets by opting for multi-signature wallets, where a group of investigating field officers controls the funds. We found a right tool with Liminal’s platform.”
Commenting on the development, Manan Vora, SVP of Strategy & Operations at Liminal, said, “It is a matter of great pride for us to partner with one of the leading investigating agencies of India. Our association with the agency feels like we are serving the country and doing our bit towards nation-building. We have created strong SOPs for the agency, which will enable smooth and secure custody of digital assets with multiple levels of approval within the officers of India’s premier investigation agency.”
The agency evaluated many organizations during the selection process. Liminal went through a series of technical & commercial evaluations. The agency wanted to onboard an organization that could provide sovereignty, title and complete ownership of the assets, and Liminal, with its self-custodial services, was aptly suitable.
Liminal built a hassle-free experience for the agency through its concierge onboarding services. Under this, Liminal helped to investigate officers, set up devices and perform a few test transactions at their premises. Liminal also created a chat-support group to resolve all technical queries while maintaining strong security guidelines.
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