Trustology has raised $8 million in a seed investment for technology and services to help private and institutional investors make sure that their digital assets are safe.
The money comes from Two Sigma Ventures and ConsenSys. The latter helped incubate London-based Trustology.Both investors will be joining Trustology’s board of directors.
Trustology’s first product,TrustVault, combines private key protectionagainst cyber and physical threats with low latency execution. The company said it can safeguard private keys andcontrol code inside tamper-proof, programmable hardware security modules hosted in securedatacenters, with encrypted backups in the cloud.
“Key safeguarding is the catalyst for the world’s transition to digital assets and an inclusive shiftfor the internet economy,” said Trustology CEOAlex Batlin in a statement. “Trustology’sunique blend of people, process, and key management technology offers industry definingdigital asset security with speed of access and unrivalled ease of use. Trustology aspires to bethe digital trust brand of the future.”
The company’s team has more than 100 years of combined global banking and technology expertise.Batlin formerly ledblockchain innovation work at UBS AG and BNY Mellon and was a founding member of theEnterprise Ethereum Alliance, Trusted IoT Alliance, Utility Settlement Coin and R3 consortium.
Other team members include former executives from ADIA, Bank of America Merrill Lynch,Barclays, BNY Mellon, Curve, Deutsche Bank, Goldman Sachs, RBS, Starling Bank, and UBS.
“ConsenSysinvests in solutions that elevate ― and work toward integrating ― the blockchain ecosystem, providing individuals and institutions with the tools needed to transition from legacy systems to a world built on decentralised infrastructure,” said Joseph Lubin, ConsenSys founder and Ethereum cryptocurrency cofounder, in a statement. “Trustology has developed breakthroughs in keymanagement and is providing support services to clients seeking unparalleled safeguarding fordigital assets. By prioritizing security without the need to sacrifice accessibility, Trustology willserve current digital asset holders and attract new institutional and individual investors to thespace. Trustology represents a profound technological piece that will move the needlenoticeably on institutional adoption of digital assets. And the world-class Trustology team hasthe pedigree to drive these discussions.”
Trustology will use the money to develop new capabilities, like smart accounts withprogrammable controls; support additional asset classes; and expand its operationsinternationally. The company is currently bringing on selected clients for beta tests.