In a month where crypto exchange security is one again in the spotlight, Unbound Tech’s all-in-one custody solution has received a timely upgrade. While a post-mortem is applied to Asian exchange FCoin’s insolvency, which included a $130 million BTC shortfall, other exchanges are scrambling to beef up their security. Crypto Asset Security Platform (CASP) is Unbound Tech’s custodial solution that provides cold storage-grade security – even for hot wallets that are in constant use. Optimizing hot and cold wallets so as to maximize security without incurring unreasonable delays in processing withdrawals is a fine art to master. The solution to this dilemma, according to Unbound Tech, is to utilize secure multi-party computation (SMPC). This enables private keys and transactions for all digital assets held by an exchange to be secured, with multiple inputs controlled by a single private key. The key is split into shares, however, ensuring that no single entity can unilaterally move funds.

Turnkey Solution for Key Management

Unbound Tech’s CASP solution has seen strong demand from exchanges and crypto custodians on account of its customizable and modular design. This enables clients to set different policies to almost every asset, including BTC, ETH and ERC20 tokens. Limits can be set on maximum withdrawal amounts within specified thresholds, while custodial clients can segregate funds to meet compliance requirements where applicable. The latest upgrade to the firm’s Crypto Asset Security Platform makes the solution suitable for financial companies exploring institutional adoption of crypto assets. The regulatory requirements that are incumbent upon such organizations mandate best-in-class key management. With backing from investors that include Goldman Sachs and Citibank, Unbound Tech has the credentials to suggest its institutional client courting may bear fruit.

Proof of Reserves to Heighten Trust