Trustology Crypto Asset Custody Startup Gets $8 Million led by ConsenSys and Two Sigma
Trustology, a UK-based company, is now being backed by Two Sigma Venture and ConsenSys. The young company creates technology to help investors in safeguarding their digital assets like cryptocurrencies.
As security is a major concern in the crypto world these days, the company will offer services that will let exchanges and other companies around the world be better well-equipped to deal with all kinds of threats. The CEO of the company, Alex Batlin, believes that the industry needs this service as there are many hacking cases going on.
By using the Trustology technology, the company will make it simpler for the investors to keep all their assets safe because it will store their private keys in hardware that will improve their security and only with certain passwords the users will have access to the contents.
By combining un-matched private key protection and protection against cyber threats, the company has built TrustVault, its main solution. The product was developed mostly thinking about banks and focusing on helping them, but the banks ended up not moving as fast as the developers expected, so now they will start to look for individual investors who were interested in using their products.
Interestingly, even with the bear market eating up the profits of the investors, not a lot of clients disappeared and the company was able to keep most of them.
A venture partner at Two Sigma called Matt Jacobus has affirmed that the solution will be very important to develop larger, institutional ecosystems that will be able to cater for the future of crypto trading. According to him, this is why the company will be very important in the future.