Trustology, a UK based fintech company, focused on accelerating the crypto economy, today announced the beta launch of its Business Account Designed to safeguard cryptoassets held by businesses of any size ranging from small funds,
corporates to large institutions, the TrustVault Business Account offers an easier and safer way for account holders to secure and manage their crypto assets from the convenience of a mobile device or via API integrations. Offering a radically faster way to send, receive and store assets, processing transactions in under one second.
The Business Account builds on the success of Trustology’s first product, the TrustVault Individual Account, is a cryptoasset security and management platform that safeguards private keys without compromising speed, ease-of-use or access.
Until now, securing and managing private keys at scale has been a big challenge in the market. TrustVault solves this issue. Private keys are managed by Trustology developed firmware within tamper-proof programmable hardware security modules (HSMs), hosted in secure data centres with highly-available multiple encrypted backups.
This ensures institutional-grade security, even when sending and receiving funds, as the assets’ private keys are never exposed. If the phone is lost or inaccessible, Trustology offers the ability to recover the account on another device, since the private keys are not stored in the phone itself.
TrustVault for business delivers this security and more. The account offers a reliable, fully hosted, flexible crypto asset custodial wallet solution that allows companies to build up their cryptoassets operations at speed and scale while optimising on cost, control and business agility.
Other major benefits include multi-asset accounts, blockchain agnostic security tools such as white/blacklists, multisig rules, and instant transfers anytime and anywhere. Users can stay on top of moving markets and oversee their cryptoassets in real-time from their mobile phones or through APIs. Instead of relying on Omnibus accounts that come with inherent risks, TrustVault opts to use, creating a unique key per account which ensures there is no co-mingling of funds.
The new solution also supports meeting regulatory and compliance obligations with robust built-in KYC, AML, and ID verification processes, including personal info, documentation, PEP, sanction and adverse media checks, and ongoing suspicious activity reporting.
Programmable custody rules will soon be made available to support the addition of extra safeguards across any cryptoasset or protocol with flexible user-defined custom granular controls. Security and ownership are the main issues holding back institutional investors and the global adoption of digital currencies. According to a report by CipherTrace Cryptocurrency Intelligence, over $1.7 billion worth of cryptocurrencies was stolen from investors in 2018. Of that total, roughly $1 billion was taken from exchanges.
“We’ve developed a product that meets the demand for developing a tamper-proof solution that protects crypto assets,” said Alex Baitlin, CEO, Trustology. “TrustVault brings us closer to realising the full potential of the crypto economy and its underlying blockchain technology by prioritising security without compromising on speed, ease-of-use or access to crypto assets. Our business account gives institutions the peace of mind they need to store their keys with the best security measures available.”