Trustulogy launches an iPhone-controlled crypto vault

Trustulogy launches an iPhone-controlled crypto vault

 
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Trustology, a custody platform built to safeguard crypto assets, has launched an iPhone-controlled crypto vault, the company announced.

“We are extremely excited to launch a service that truly solves one of the largest problems in the blockchain industry – how to conveniently manage cryptoassets without compromising on speed or security,” said Alex Batlin, the CEO and founder of Trustology.

He founded the company in 2017 after previously being the head of the UBS financial technology innovation lab. Batlin was also responsible for developing blockchain strategy and business at London’s BNY Mellon.

The TrustVault Personal Accounts app is currently available only in United Kingdom. It allows its users to store their ether in an easy and secure manner. Trustology notes that its app has “the highest possible level of cryptoasset security available today”.

“Trustology will work to support additional cryptoassets such as Bitcoin and ERC-20 tokens as well as a geographic expansion and launch of TrustVault Business Accounts,” added Batlin.

Although the combination of Apple-made device and security in the same sentence may raise some eyebrows, Trustology insists its app is extremely secure. It uses hardware security modules (HSMs), a physical computing device that safeguards digital keys, which is operated by Trustology with the verification process.

“We took the tried and tested HSMs, which is what banks have been using for SWIFT network and many other very highly secure systems, but we customized the firmware,” said Batlin.

In case the phone is lost, the account can be recovered as the keys to the wallet are not stored on the same device.

“It’s Crypto Spring 2019 and when it comes to crypto wallets, hot is the new cold. Industrial-grade security, but available to anyone. This is the kind of user experience breakthrough our industry has been clamoring for,” said Joseph Lubin, the founder of ConsenSys.

Trustology successfully closed a $8 million seed round in December, with Two Sigma Ventures and ConsenSys participating in the round. As a part of the deal, both investing companies nominated their representatives to Trustology’s board.