Blockchain Startup D3ledger Pilots Safekeeping Service For Cryptocurrencies

Blockchain, News | October 19, 2018 By:

Blockchain startup D3ledger, in partnership with Swiss-based blockchain firm Lykke, has started to provide safekeeping of digital assets and cryptocurrencies using its distributed digital depository platform.

D3ledger is a software provider for the D3 decentralized crypto assets depository. It was co-founded by the National Settlement Depository, the central securities depository of the Russian Federation, and Soramitsu, a blockchain startup that created and co-maintains distributed ledger platform Hyperledger Iroha.

The company announced that on October 16, AddCapital Management, an international asset management company, has started to use custody services from D3ledger for its Investment Fund. The platform provides AddCapital with a secure decentralized storage and settlements using Hyperledger Iroha, which allows asset tokenization based on blockchain technology. D3ledger claims that the platform can process more than 2 million safekeeping and settlement operations per day.

“Our service is a way for financial institutions to securely deposit their assets in a distributed and immutable way,” said Makoto Takemiya, co-founder of D3ledger. “Ultimately it will lead to a larger institutional adoption of crypto assets.”

Alex Prokofyev, managing partner of AddCapital, said that the professional market is missing simple and effective solutions in assets safekeeping which would cover a wide list of crypto-assets, approachable right away and friendly to regulation in multiple countries.

“We focus on developing new financial solutions and instruments especially in new technologies,” said Prokofyev. “We hope that D3ledger will soon become a strong and widely accepted digital assets safekeeping and settlement service at a large scale.”

D3ledger said the key feature of the platform is decentralization. This feature gives several benefits for crypto investors and financial intermediaries, including sufficient level of regulatory transparency, no risk of infrastructure downtime, easy re-landings of account to a new jurisdiction, safe ownership through identification of each owner via the network of nodes, and easy governance of the network through the steering committee and voting procedure.

“Our service improves the reliability of crypto safekeeping and brings the ability to recover possession of digital financial assets like cryptocurrencies and tokens in the case of the loss of keys,” said Ryu Okada, co-CEO of Soramitsu.