The IOTA Foundation announced on Jan. 9 via a blog post its partnership with Crypto Storage AG which will offer the first institutional-grade storage infrastructure solution for IOTA tokens.

The professional storage solution will be available worldwide.

Swiss-based Crypto Storage AG is a subsidiary of Crypto Finance AG, and will provide IOTA’s industry partners and users a new solution that offers a professional level of security.

The Partnership Is a Welcome Security Development

The partnership has yielded a multi-signature storage solution that can be used to store high volumes of IOTA tokens.

The institutional-grade security solution meets the needs and demands of financial intermediaries and all other significant stakeholders invested in the IOTA ecosystem.

The collaboration between the IOTA Foundation and Crypto Storage AG benefits private, public, and institutional investors by enabling them to securely manage the access to their IOTA tokens.

The new security infrastructure raises market standards by introducing a new security paradigm that offers “two layers of dedicated and redundant hardware devices.”

The announcement further stated:

“This set-up allows for a dedicated, independent, and highly flexible multi-signature framework. All transactions can be independently reviewed and approved on dedicated tamper-proof hardware.”

The tailored software, tamper-proof signing device, and hardware security module devices were developed by leading Swiss providers with an impressive track record and experience in the world of finance and IT security.

Stijn Vander Straeten, CEO of Crypto Storage AG is happy to partner with the IOTA Foundation and create a secure platform for the storage of IOTA tokens.

He said:

“Crypto Storage AG is proud to support the IOTA platform with our top-tier infrastructure, as we see rising demand with our clients and IOTA’s industry partners to enable the IOTA token without compromising on security.”

David Sønstebø, co-founder and co-chair of IOTA Foundation said:

“Keeping data secure with infrastructure from Crypto Storage AG will contribute to the development of these concepts and the IOTA Foundation’s vision of supporting a machine-to-machine economy.”

The Collaboration Is a Positive Move for IOTA and the Crypto Sector

The nascent crypto industry has progressed a lot but is still has not reached institutional adoption and capital on a large scale yet.

The road to institutional integration begins with secure platforms and storage architecture solutions as the one created by the partnership between the IOTA Foundation and Crypto Finance AG’s subsidiary.

Cryptocurrency service providers have to stay ahead of the game as hacks, scams, frauds, and security breaches threaten to negate the gains of the past decade. These nefarious activities cast doubt in the minds of present and would-be investors.

The collaboration is also important because it involves two unique companies playing an important role in the crypto space.

IOTA has achieved a lot with the creation of the Tangle – a permissionless and zero-fee ledger designed for the Internet of Things (IoT). Crypto Storage AG currently offers institutional-grade infrastructure solution used to securely store more than 60 different crypto assets.

Follow us on Telegram | Twitter | Facebook

Featured Images are from Shutterstock.

Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.

LEAVE A REPLY

Please enter your comment!
Please enter your name here