The English blockchain startup Trustology has launched an iPhone-controlled cryptocurrency storage vault called TrustVault.
According to a Coindesk report, Trustology has initially released the application in the United Kingdom market and is available to download at the Apple UK App Store.
In the initial stage, the custody platform will allow its customers to store only Ether. However, the company has plans to introduce storage options for Bitcoin and ERC-20 tokens as well.
Speaking to the publication, Alex Batlin, founder and CEO of Trustology, said: “It allows you the ease of a mobile phone, but really what we always talk about is a TrustVault account. If you mention the phone, people think it’s just a phone app. But that’s a bit like saying my bank account is just the mobile bank app. It looks like a simple app, but the real power is in the service behind that.”
An Institutional Grade Wallet
The company is claiming that, though the platform looks very similar to any other crypto wallets, it has institutional grade security as a combination of hardware security modules (HSMs) kept at the data centers operated by the company along with sophisticated verification processes ensure the safety of the stored funds.
Though the setup process has some human involvement, once the client is on board, the entire process is an automated one.
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“The problem with the person scenario is you absolutely reduce cyber attack, but you now increase the physical attack. Because in the end, an individual is just a very slow network connection,” Batlin added.
In addition, the private key of the wallet is not stored on the phone, so if, in case, the phone is misplaced, the funds can be easily recovered.
The CEO also revealed that the company is working to bring the application on Android as well. However, it will be exclusive to only a few devices.
“It has something called a Titan M chip which is very secure, more secure than the iPhone. So we will be working on an Android version, but it won’t be for every device; it will only be for the more secure ones,” Batlin told Coindesk.
Founded by the former technologists of BNY Mellon, RBS, and Barclays, the company has raised $8 million, late last year, in a seed round led by ConsenSys and Two Sigma Ventures.
Crypto on Mobile
Recently, many companies are targeting mobile platforms to bring secure crypto storage solutions. Samsung, recently, has integrated cryptocurrency wallet on its S10 flagship lineup. HTC has also introduced the blockchain-enabled Exodus, which along with crypto storage can run DApps as well.