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 protection against cyber and physical threats with low latency execution. The company said it can safeguard private keys and control code inside tamper-proof, programmable hardware security modules hosted in secure datacenters, with encrypted backups in the cloud.
“Key safeguarding is the catalyst for the world’s transition to digital assets and an inclusive shift for the internet economy,” said Trustology CEO Alex Batlin in a statement. “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. Trustology aspires to be the digital trust brand of the future.”
The company’s team has more than 100 years of combined global banking and technology expertise. Batlin 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.
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.
“ConsenSys invests 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 key management and is providing 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. 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.”
Trustology will use the money to develop new capabilities, like smart accounts with programmable controls; support additional asset classes; and expand its operations internationally. The company is currently bringing on selected clients for beta tests.