We are excited about the extension of the Hawaii Digital Currency Innovation Lab and the continuation of our ability to provide bitcoin and financial services to Hawaii residents and businesses. The custody of fiat funds and bitcoin assets was previously provided through a partnership agreement with Signature Bank and Prime Trust. We will continue to provide the custody of fiat funds through Signature Bank. However, we have made the decision to provide custody of bitcoin directly for our users while continuing to encourage each client to transition to a self-custody model in order to secure their bitcoin.
The best and most secure way to integrate with bitcoin is for users to hold their own keys. By offering custody directly to our clients, we can help users more quickly and efficiently self-custody their bitcoin without relying on a 3rd party. After the purchase of bitcoin, clients may contact us, complete a verification process over a video call, and withdraw their bitcoin immediately with the help of our Concierge Team. If a client would like to sell their bitcoin, they would contact Cloud Nalu, and our Concierge Team would guide them through the process of creating a “Send” transaction from their wallet and transferring the bitcoin to Cloud Nalu custody. Upon the completion of the transfer, the Cloud Nalu concierge team can offer a trade at a price as close to the market price as possible for BTC/USD.
Order fees will continue to be non-existent on the Cloud Nalu platform. However, the Concierge Team will continue to charge a per-hour rate according to our Engagement Agreement. The Consulting Services Agreement will be provided to the Client for signing through contact with the Concierge Team.
For questions and concerns regarding this update or the Cloud Nalu platform, please contact support@cloudnalu.com or by calling (808) 466-7324. We look forward to continuing to serve our Clients in the best way possible to help secure their bitcoin. Mahalo.