UK-based Elliptic, a startup specializing in the secure storage of bitcoins, has won The Banker‘s Technology project award for security.

Elliptic provides a “deep cold storage” vault solution for bitcoins, which keeps them offline and out of the reach of hackers. Additional physical layers of protection are employed as well. It says to have insurance coverage for holdings, and earlier this year attained ISAE 3402 accreditation following a review from KPMG.

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Recently, it sought to further enhance security through a partnership with Gem, employing the latter’s multisignature technology. It also recently launched a tool for bitcoin transaction monitoring and compliance.

James Smith, CEO and co-founder, commented that the startup plans on adding additional blockchain intelligence services in the coming months.

The importance of Bitcoin for the broader financial industry was highlighted in the awards article in terms of blockchain technology. International remittances and micropayments were listed as examples.

The Banker is a monthly financial magazine owned by London-based The Financial Times. Its Technology Projects of the Year awards recognize innovative technology contributions to the finance industry.

This year was the second for the awards. 270 submissions were received for 12 categories. Finance Magnates has inquired as to the total number of submissions for the security category.

Elliptic and bitcoin-powered remittance service Bitspark are among 20 finalists for SWIFT’s Innotribe Challenge finale, to be held at Sibos in Singapore.