Bitcoin Suisse, the first crypto-financial service provider worldwide to offer a voting option, has enabled governance voting for clients that hold DOT, KSM, and CFG in the Bitcoin Suisse Vault. Users of Bitcoin Suisse now have the opportunity to participate in the Polkadot protocol’s decision-making process. They can now cast votes on community proposals and network upgrades. Regarding users’ participation in Polkadot‘s governance, Bitcoin Suisse Vault is the first institutional-grade custody provider in the world to enable it.
How the decision affects Bitcoin Suisse Vault
In June of 2020, Bitcoin Suisse Vault pioneered the provision of DOT custody and staking services. Token holders on the DOT network now have a voice in the network’s development by casting votes on technical ideas and initiatives utilizing the network’s on-chain governance system. You’ll find this same voting mechanism for token holders in parachains linked to the Polkadot network.
Furthermore, token holders can now vote on governance matters without worrying about the safety of their funds. This is all thanks to a recent update to the Vault. Anyone with DOT, KSM, or CFG may use their Vault account to set up a proxy account on any device.
Polkadot relies heavily on on-chain governance. It keeps the network’s forkless upgrade and treasury proposal decisions as distributed as possible. For this reason, it is crucial for Polkadot’s growth and success to make it simple for users to take part in on-chain governance while safely storing their tokens with a reputable custody firm.
The Bitcoin Suisse Vault is compatible with over 80 different tokens and 19 different protocols. Its business practices are governed by Swiss AML/CFT law. Also, it is a member of the Financial Services Standards Association (VQF). Furthermore, its development team is looking to keep improving and adding new features to the Vault to suit the needs and desires of clients and the growing ecosystem. This is a direct result of the rapid rate of change in the sector.