Crypto Storage and Securosys team up to start secure storage solution for crypto assets

23.04.2018 11:21

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Securosys’ hardware security modules are being used for the Swiss interbank clearing system. Crypto Storage AG is part of the Crypto Finance Group. The two young companies aim to build the most secure storage solution for crypto and blockchain-based assets to date. Currently, several Swiss banks are being onboarded.

The crux of storing crypto assets securely: in order to access a wallet with crypto assets users need a private key. Or, to phrase this somewhat differently: anyone who knows this private key can gain access to the crypto wallet. And this means that storing a private key on a PC or mobile phone is not safe. It could be hacked. As an alternative, many people print out a hard copy of their private key or store it on a USB device – also known as "cold storage". This solution is neither secure nor scalable. If they lose that piece of paper or device, their assets will be gone forever. The answer to this is to store private keys on a dedicated system: a redundant, enterprise-grade hardware security module (HSM) cluster. The solution from Crypto Storage and Securosys even offers additional security in that every individual signature applies institutional-grade access rules independent of backend security.

Tests with pilot customers
Presently undergoing rigorous testing with pilot customers, the platform will go into full operation next month. The platform can already store BTC, BCH, LTC, ETH, ETC and all ERC20. New currencies such as XRP, DASH, and IOTA will be added on a weekly basis. Another core feature is the fine-grained access control functionalities. They go further than the simple "m of N" and are available independently of the features of the respective blockchain. The rules have been inspired by the way that checks and balances work at scale in financial institutions. This is an indispensable feature that institutional clients have been waiting for.

Robert Rogenmoser, CEO of Securosys says: "We are elated to have Crypto Storage AG be our partner to implement our hardware security modules in the blockchain space. The extended functionality of our enterprise-level Primus HSMs will not only increase safety and redundancy, but also simplify the handling of crypto assets and the operation of blockchain systems".
 
Jan Brzezek, CEO of Crypto Finance Group adds: "With Securosys, we have found a technology partner who can provide a hardware security solution to our institutional clients at the highest level. And this means that we are able to offer our customers a new platform for crypto assets that actually goes above and beyond the requirements of institutional investors".
 
About Crypto Storage AG:
Part of the Crypto Finance Group, which is the leader in bridging traditional banking with blockchain and crypto assets. Crypto Finance is a financial technology Holding company founded in June 2017. The Group provides blockchain-related services through its three subsidiaries: Crypto Fund AG (Asset Management), Crypto Broker AG (Trading), and Crypto Storage AG,

About Securosys SA:
Securosys is a technology company dedicated to secure data and communications. The company designs, produces, and distributes hardware and software, and offers services that protect and authenticate data and their transmission. The products are developed and built in Switzerland and with vetted partners throughout Europe with a focus on a secure supply chain with no possibility for backdoors. Securosys is providing the hardware security modules for the Swiss interbank clearing system operated by SIX under the supervision of the Swiss National Bank.

(Press release / SK)

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