Crypto Storage AG, part of the Crypto Finance Group, founded in June 2017 as a blockchain-related services holding company and Securosys, a technology company dedicated to secure data and communications have announced that their storage solution partnership for crypto and blockchain assets is almost ready to go live. From go-live, it can store more than 80% of the total market capitalization.
The two teams report that several Swiss banks are currently being onboarded. Developed with a new security paradigm, the storage solution that has come out of the exclusive partnership between Crypto Storage and Securosys features dedicated and redundant devices. Moreover, the software does not rely on either backend or frontend security for the secure access and management of crypto assets. All transactions are independently reviewed and approved on dedicated tamper-proof hardware.
Presently undergoing rigorous testing with pilot customers, the platform will go into full operation next month.
Jan Brzezek, CEO of Crypto Finance Group adds: “With Securosys, we have found a technology partner who can provide a hardware security solution to our institutional clients at the highest level. And this means that we are able to offer our customers a new platform for crypto assets that actually goes above and beyond the requirements of institutional investors”.
After detailed scrutiny from potential clients, it is the go-to solution for financial institutions such as banks, asset managers, and crypto foundations, as it can already store BTC, BCH, LTC, ETH, ETC and all ERC20. New currencies such as XRP, DASH, and IOTA will be added on a weekly basis.
Another core feature is the fine-grained access control functionalities. They go further than the simple “m of N” and are available independently of the features of the respective blockchain. The rules have been inspired by the way that checks and balances work at scale in financial institutions. This is an indispensable feature that institutional clients have been waiting for.
Robert Rogenmoser, CEO of Securosys says: “We are elated to have Crypto Storage AG be our partner to implement our hardware security modules in the blockchain space. The extended functionality of our enterprise-level Primus HSMs will not only increase safety and redundancy but also simplify the handling of crypto assets and the operation of blockchain systems”.
The crux of storing crypto assets securely: in order to access your wallet with your crypto assets you need a private key. Or, to phrase this somewhat differently: anyone who knows your private key can gain access to your crypto wallet. And this means that storing a private key on your PC or mobile phone is not safe. It could be hacked. As an alternative, many people print out a hard copy of their private key or store it on a USB device – also known as “cold storage”. This solution is neither secure nor scalable. If you lose that piece of paper or device, your assets will be gone forever. The answer to this is to store your private keys on a dedicated system: a redundant, enterprise-grade hardware security module (HSM) cluster. The solution from Crypto Storage and Securosys aim to offer additional security in that every individual signature applies institutional-grade access rules independent of backend security.
Team Update
Crypto Finance AG also announced that Stijn Vander Straeten will join the team at Crypto Finance with immediate effect. Stijn Vander Straeten previously served as CEO of FLYNT Bank AG and will leverage his many years of experience in the financial industry. He will lead the team as CEO of Crypto Storage AG.
Crypto Finance AG provides blockchain-related services through its three subsidiaries: Crypto Fund AG (Asset Management), Crypto Broker AG (Trading), and Crypto Storage AG, which offers a proprietary solution to store your private keys securely both physically and digitally.