Trustology is the first ConsenSys incubated company to announce outside funding since ConsenSys unveiled a belt-tightening last week. Trustology provides security for blockchain keys and targets High Net Worth Individuals and institutions. It supports cryptocurrencies at present but is gearing up in the future to serve major institutions when stock, derivatives and other conventional markets go live on blockchain. The $8 million seed round is led by Two Sigma Ventures with ConsenSys founder Joseph Lubin participating.
One of the challenges with keys is availability versus security. The conventional wisdom is that cold wallets which are offline are the most secure. But that’s neither convenient nor appropriate for stock or derivatives traders. Hence the challenge is to combine high availability (hot wallets) with high security. Trustology’s solution is to store the keys in tamper-proof hardware security modules. Ledger Insights previously wrote about
Trustology in-depth.
“We believe that a hot-storage solution with strong security and programmable controls is necessary to develop a larger, institutional trading ecosystem around digital assets,” said Matt Jacobus, Venture Partner at Two Sigma Ventures.
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