Crypto Startup Trustology Raises $8M USD In Funding To Build Custody Platformbr>
Digital asset startup Trustology has raised $8 million in a seed round led by Two Sigma Ventures, the early-stage venture capital fund of New York-based hedge fund Two Sigma. The round also saw participation of blockchain firm ConsenSys. Both investors will be joining Trustology’s board of directors.
Based in London, Trustology is a ConsenSys-incubated company that is building a custody platform to safeguard crypto assets. The company was founded by Alex Batlin, who formerly led blockchain innovation work at UBS AG and BNY Mellon and was a founding member of the Enterprise Ethereum Alliance, Trusted IoT Alliance, Utility Settlement Coin, and R3 consortium.
The company’s first product, TrustVault, claims to combine “un-matched private key protection against cyber and physical threats with low latency execution,” by safekeeping private keys and control code inside tamper proof, programmable hardware security modules hosted in secure data centers, with encrypted backups in the cloud. The company said it will use the new capital to develop new capabilities such as smart accounts with programmable controls, support additional asset classes and expand its operations internationally.
Batlin said that the company aspires to be the digital assets brand of the future.
“Trustology’s unique blend of people, process, and key management technology offers industry defining digital asset security with speed of access and unrivalled ease of use,” Batlin said.
ConsenSys Founder Joseph Lubin said that they invested in Trustology because of the company’s breakthroughs in key management and support services to clients seeking unparalleled safeguarding for digital assets.
“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,” said Lubin. Trustology represents a profound technological piece that will move the needle noticeably on institutional adoption of digital assets. And the world class Trustology team has the pedigree to drive these discussions.”
Matt Jacobus, Venture Partner at Two Sigma Ventures, said that they believe that a hot-storage solution with strong security and programmable controls is necessary to develop a larger, institutional trading ecosystem around digital assets.
“With their extensive backgrounds working at major financial institutions at the intersection of blockchain, technology, and product development, this is just the team to build it,” Jacobus said.