Cryptobank cryp·to·bank [krip-tog-bangk]
A cryptobank is an on-line service for storing crypto currencies (such as bitcoins and litecoins) and has these properties:
- facilitates usage of crypto-currency: sending, receiving amounts
- provable reserves auditable in the public peer-to-peer network (e.g.: Bitcoins Blockchain)
- takes responsibility for the security and confidentiality of the funds under deposit
- provides a level of security far beyond what typical consumers can achieve on desktop computers, such as the use of Hardware security module (HSM)
- more than one account per person (like Chequing, Savings, etc.)
- comparable to a "Web Wallet" but professionally run at larger scale.