IOTA Foundation, the organization behind the development of Tangle-based IOTA blockchain, has announced a partnership with Crypto Storage AG to provide a secure digital asset storage solution for the high volume of IOTA tokens.
Crypto Storage AG, one of the subsidiaries of Crypto Finance AG, provides custodial services to financial intermediaries and corporates. It provides the option to securely store more than 60 digital assets.
The company claims that it has two layers of dedicated and redundant hardware devices which allow for a dedicated, independent, and highly flexible multi-signature framework. All transaction on the firm’s system can be independently reviewed and approved on dedicated hardware.
Commenting on the partnership, Stijn Vander Straeten, CEO of Crypto Storage AG, 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.”
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Fame and Controversy
IOTA grabbed the headlines in late 2017 when the value of the token zoomed to gain more than 650 percent. However, soon with the approach of 2018, the project was riddled with controversies as reports surfaced that $4 million worth of IOTA tokens were stolen using malicious online seed generators from the user wallets.
A month later, the IOTA Foundation launched a Google developer-like platform called IOTA Foundation “to house the community of developers, startups, hobbyists and initiatives all over the world working towards the distributed and decentralized future we all aspire to create.” The foundation pledged $37 million to finance projects under its umbrella on a condition that the open-source DLT applications should be built on IOTA’s core protocol.
Although the project began with blockchain development, it has since moved its core interest towards the booming internet-of-things field and partnered with giants like Audi.
Last year, IOTA also announced a partnership with the hardware wallet manufacturer Ledger, which enabled its users to store the digital asset in a secure environment.
“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,” said David Sønstebø, co-founder and co-chair of IOTA Foundation.