Two Sigma And ConsenSys Invest In Crypto Custody Firm

According to Business Insider reports venture firm Two Sigma and Ethereum development studio ConSensys have invested $8 million into Trustology, a digital asset custody solution provider. Both of them will now be joining Trustology’s board of directors.

Trustology is a London based company, which is known for TrustVault, a crypto management service that protects private keys by storing them in “tamper proof, programmable hardware security modules hosted in secure data centers, with encrypted backups in the cloud.”

Founder and CEO of the company, Alex Batlin, in the press release said,

“Trustology’s unique blend of people, process, and key management technology offer industry defining digital asset security with speed of access and unrivaled ease of use. Trustology aspires to be the digital assets brand of the future.”

The funding supplied by Two Sigma and Consensys is will most likely be used to create new products, support more digital assets classes and attract international customers for its services.

Joe Lubin, Founder of ConsenSys, praised Trustology, as a company he thinks is going in the correct direction. He said,

“By prioritizing security without the need to sacrifice accessibility, Trustology will serve current digital asset holders and attract new institutional and individual investors to the space.”

According to reports by a research firm, Autonomous NEXT, crypto investors have lost over approximately 1 billion USD, between 2012 to the second quarter of 2018.

Custody an emerging trend in the cryptosphere is is one of the main challenges of the crypto market. Many companies and firms are looking into it. For example, Coinbase before launching in July acqiured the required approval from the New York State regulators, to operate as the state custodian. Multinational asset manager Fidelity Investments also announced about the launch of their rollout of crypto custodial services next year.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.