RIDDLE&CODE, a European blockchain technology provider, today announced the support of Swiss-based Falcon Private Bank (Falcon) with the development of their bitcoin and crypto custody solution.
Earlier this year, Falcon became the first Swiss private bank to introduce direct transfers of cryptocurrencies for both individual and institutional clients.
Falcon’s offering relies on its new custody solution, developed in close collaboration with RIDDLE&CODE, focusing on:
- Security: “hard wallets” use offline storage that is always encrypted, this removes the usual single-point-of-failure for managing signing secrets
- Flexibility: with the ability to change the number of required digital signatures to authorize a transaction, on a case-by-case basis
- Efficiency: tokenization of physical assets, when associated with RIDDLE&CODE tagging technology, enables machines to interact securely, improving processes
“Our team worked intensively with Falcon to reach ambitious security and regulatory goals with an open approach to design. We created a solution, based on hardware wallets, that challenges the rigid Hardware Security Model (HSM) by leveraging RIDDLE&CODE’s new open token platform using blockchain to enhance security and flexibility.”
“We are proud of our new custody solution that respects all regulatory and compliance requirements. It allows secure storage of selected digital assets with great flexibility while allowing us to add further cryptocurrencies in a timely and efficient manner. Our cooperation with RIDDLE&CODE has enabled us to bypass the competition and to reaffirm our first-mover role in the area of blockchain banking services.”