Custody provider Trustology has announced the launch of a new firewall that permits institutional DeFi market participants to use smart contracts across protocols without any increase in latency or loss of ease and security.
In an announcement posted on its website, Trustology claimed that the service is the first of its kind in the world, providing wallet-level security and custodial services with the institutional user in mind, without compromising on speed or scalability.
Super excited! https://t.co/DJVgOUieFL
— Alex Batlin (@AlexBatlin) September 23, 2020
Trustology’s DeFi Play
According to the announcement, the service was designed specifically with the needs of institutions wanting to dip their toes into DeFi investments. Trustology says that it has factored in the increased need for regulatory compliance, scalability, and foolproof security in the post-2018 DeFi world.
Whereas self-custody and securing the large number of assets involved in the multiple transactions of an institutional user would be unrealistically expensive and cumbersome, Trustology says that this service solves all these problems in a frictionless and user-friendly way.
@TrustologyIO+@Vectorspace_AI case study: Read how one token issuer removed barriers to purchase for token buyers to send, receive & hold their VXV tokens with #TrustVault whilst saving on time, cost & effort to implement. Read the full case study: https://t.co/mDdiFBGJjT pic.twitter.com/fP3zzWhojq
— Trustology (@TrustologyIO) September 16, 2020
How It Works
According to Trustology, institutional users are enabled to safely and quickly move assets across DeFi protocols using a security framework that is fully trustless. The TrustVault solution sends a proxy of every transaction through the system’s rules engine and signs transactions with custody keys which are in turn verified by the network.
Verification happens quickly and automatically, provided all controls are satisfied including protocol smart contract address, contract method, and method parameters. Shedding more light on its inner workings, Trustology CEO Alex Batlin said:
“As the DeFi firewall is built on top of the TrustVault platform, it inherits all of the platform’s infrastructure benefits such as its HSM encased proprietary resigning firmware, combined with insurance and advanced multisig and allowlist safeguards.” notes Alex Batlin, CEO and founder of Trustology.”
Trustology boasts that the platform’s scalability, speed, and resilience are guaranteed by an advanced hardware and cloud-based security infrastructure with near-instantaneous processing.