OrmCo provides a full bitcoin “BTC” escrow service, having extensive experience in setting up and managing virtual currency wallets, and managing treasury functions, coupled with good knowledge of wallet security and the safeguarding of assets makes us the perfect partner to provide BTC escrow services.
Introductions to Bitcoin brokers
As readers of this will know the margins available on exchanges between buy and sell can be wide, and the volatility of buy and sell prices changes quickly with volume. By selling your Bitcoin OTC you can reduce risk, and agree your price to buy or sell up front. Typically the partners I work with use live TradeBlock prices to agree a purchase or sale price
As part of our Escrow service we will set-up digital wallets, and hold the Bitcoin as requested by our client. Our client can be one of the wallet signatories, or they can appoint a representative.
Release of bitcoin
We will release the bitcoin amounts as per the terms agreed in the escrow agreement which will be agreed in advance by OrmCo and its client. The terms of the escrow agreement typically vary dependent upon time and date, or when we have notification/sight of funds received. For large trades which may be over several weeks with daily trading we would typically release funds twice a day.
Escrow Trade sizes
We don’t have a minimum or maximum trade size to use our Escrow service, but we typically work with trades between BTC20 and BTC500,000
Wallet security and storage
The protection of clients assets is of the utmost importance. Dependent on the trade size, trading period and number of parties involved will determine what wallet security we recommend, and whether the wallets and keys should be in cold storage.
Back up and disaster recovery
Disasters can happen, whether this is to hardware or to people involved in holding private keys and passwords. We review the risk and advise on the necessary precautions and measures to ensure there is a sufficient disaster recovery plan in place.