Unbound Tech Upgrades Its Digital Asset Custodial Solution and Targets Institutional Clients

2020-3-1 14:06

Coinspeaker
Unbound Tech Upgrades Its Digital Asset Custodial Solution and Targets Institutional Clients

Unbound Tech, an encryption key management company backed by the likes of Goldman Sachs (GS:NYSE) and Citigroup (C:NYSE), has announced a major upgrade of its Crypto Asset Security Platform (CASP) which it says “directly answers the security and trust needs of large institutions wishing to adopt digital assets at the institutional level.”

A New Standard for Key Management

With the latest upgrade, CASP will leverage secure multi-party computation (SMPC) to protect private keys and transactions for all digital assets held by a custodian or exchange. The solution, also the first to receive U.S. Federal Information Processing Standard (FIPS) 140 Level 2 certifications from the National Institute for Standards and Technology (NIST), ensures data can be secured without revealing it to all parties.

With CASP, Unbound aims to demonstrate that the combination of multi-sig and Hardware Security Modules (HSMs) should not be the default solution for securing funds and encryption key security. Unbound’s alternative distributes “shares” of digital asset private keys across multiple approvers’ devices, ensuring no single point of failure and providing security akin to that of cold asset storage.

“Until today, there hasn’t really been a solution that directly answers the security and trust needs of large financial institutions wishing to adopt digital assets at the institutional level,” said Unbound Tech CEO Professor Yehuda Lindell in the press release.

As part of the upgrade, CASP benefits from features intended to improve security and usability. For example, users can now approve transactions even if they’re not online. A tamper-proof audit log, meanwhile, provides much-needed protection against internal user fraud unavailable via a standard HSM. Custodians can also configure authorization policies according to user or asset approval limits.

Data Theft Highlights Need for Improved Security

The importance of properly securing data is continually undermined by events in the cryptosphere, such as the recent shutdown of popular Chinese crypto exchange Fcoin, which Binance CEO Changpeng Zhao dubbed a Ponzi scheme. Numerous reports have indicated that Fcoin owes users $130 million in bitcoin.

Italian crypto exchange Altsbit, meanwhile, recently fell victim to a serious attack in which it lost almost all of its funds. While the amount in question was only around $70,000 – small change compared to the $500m lost by Coincheck in a 2018 hack – the incident highlights the urgent need for improvements in security and custody solutions.

According to Cointelegraph, security flaws caused crypto exchanges to lose $292 million in 2019 alone, and there is a long history of thefts from centralized exchanges and wallets dating back to Mt. Gox in 2014.

Solutions such as Unbound Tech’s CASP can eliminate the tradeoff between security and usability while meeting the needs of major custodians and exchanges that will always be prime targets for hackers. Better key management, coupled with regular disclosure of proof of reserves, are seen as instrumental in building trust in cryptocurrency exchanges.

Unbound Tech Upgrades Its Digital Asset Custodial Solution and Targets Institutional Clients

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

digital solution asset tech targets unbound institutional

digital solution → Результатов: 126


Harbor acquired by BitGo to include securities capability

BitGo, a provider of blockchain financial services, announced today that it is acquiring Harbor, a platform for digital securities, and its broker-dealer and transfer agent subsidiaries. The acquisition extends BitGo’s capabilities to address a wider class of digital assets for institutional investors and provides a foundation for a full-stack digital assets solution.

2020-2-19 22:29


Фото:

Binance занялась созданием криптовалютных бирж «под ключ»

Специалисты крупнейшей биржи цифровых активов Binance представили облачные B2B2C технические решения для создания торговых криптоплатформ. Информация об этом появилась в блоге проекта. Читайте Bloomchain через любимые соцсети: Telegram, VK, FB  #Binance Announces B2B2C Cloud Solution for Launching Digital Asset Trading Platforms An exchange-specific cloud solution, Binance Cloud provides partners & customers with a means to easily […] Запись Binance занялась созданием криптовалютных бирж «под ключ» впервые появилась Bloomchain.

2020-2-18 10:03


Фото:

‘Consider Crypto’ Says Coinbase CEO as US Debt Skyrockets

Coinbase CEO  Brian Armstrong has recommended crypto-assets, once again, as the solution to economic woes, debt-monetization, and other problems facing the global economy. Armstrong specifically referenced troubles with the repo market, making the point that younger investors are far more comfortable with natively digital crypto-assets, than older generations.

2020-1-30 22:21


Galaxy, Celsius Turn to Revolutionary Crypto Transfer Solution

As institutional interest in cryptocurrency markets rises, old security-as-a-service solutions are making way for a revolutionary transfer service developed by Fireblocks. From Startup to Preferred Security Provider in Six Months In under six months, Fireblocks has gone from Swisscom Ventures-backed startup to the preferred platform for streamlined digital asset transfers.

2019-11-27 23:02


Micro-invest app RoundlyX partners with Voyager to widen access to crypto-assets

RoundlyX, a spare change and crypto investing app that allows users to purchase cryptocurrency by rounding up their credit card purchases automatically into targeted crypto assets, announced today a new partnership with Voyager Digital, a licensed crypto-asset broker that provides investors with a turnkey solution to trade crypto-assets.

2019-11-18 17:06


Fidelity, a $2.46 Trillion Asset Management Company, Rolls Out Crypto Custody Solution

One of the largest asset managers in the world, Fidelity has rolled out its crypto custody solution. A Boston-based mutual fund that has about $2.46 trillion assets under management last year announced the launch of a separate company Fidelity Digital Assets, with the goal to offer trade execution and institutional custody services. Now, the company […]

2019-10-18 20:20


Samsung SDS teams with Tech Mahindra and Pega for blockchain traceability solution

Samsung SDS teams with Tech Mahindra and Pega for blockchain traceability solution - CryptoNinjas Samsung SDS, a global leader in digital transformation and innovation solutions, announced today its collaboration with Tech Mahindra and Pega to launch a blockchain-based traceability solution integrating the Pega Platform with Samsung SDS Nexledger Universal.

2019-10-16 16:51


Australian Federal Government Health Agency Eye Blockchain, Big Data and IoT Technologies

The Australian Digital Health Agency is moving towards decentralized technology, big data, internet of things (IoT) and cloud computing as a solution to patient’s data recording. The government agency is looking for forward looking technologies to replace Accenture, a digital data firm, whose contract expires in 2020. A New Digital Health Platform for Australia In […]

2019-9-28 20:35