Two Sigma, which is a quantitative hedge fund manager venture capital arm, has backed Trustology.
Trustology is a young company that deals with the development of technology so as to help the investors safeguard their digital assets such as cryptocurrencies, according to the statements released by the company on Thursday.
With the participation of ConsenSys which is a blockchain company, Two Sigma Ventures led an investment of $8 million seed round in Trustology which is a London based start-up.
The nascent market of cryptocurrency is facing the biggest issue of security in the current scenario where there is dealing of cryptocurrencies by the investors often with the use of pseudonyms.
According to the Autonomous NEXT and Crypto Aware which are financial research firms, between 2012 and the June of 2018 crypto-currencies worth $1.7 billion dollar has been stolen.
The CEO of Trustology, Alex Batlin stated in an interview that the firm will be using the funds so as to serve more types of crypto-currencies in an attempt to expand globally.
The aim of Trustology is to make trading with virtual assets simpler as well as safer.
It hopes that the firm is able to give the investors of trading with the virtual assets much more simpler as well as safer through the products of the company which stores “private keys” in the form of hardware modules as well as highly secure processors which are specially designed to be able to safeguard passwords as well as digital keys.
These private keys are nothing but alphanumeric characters that provide access to the users as well as control over their crypto-currencies.
According to Batlin, the company has been initially developing the product specifically for the banks as their customers but now is willing to expand by focussing more on individual investors as well as crypto-currency hedge funds.
Source: Reuters, LiveMint