15.10.2019 12:35 pm, Financial IT
What is Trustology?
Alex Batlin: Think of Trustology as the equivalent of a web browser for the blockchain. There are a few out there at present, but we wanted to create a solution that is at a higher level, removing all the previous compromises – one that’s super secure, super easy to use and very fast. So, we have a custodial wallet platform with an adaptable end-user experience.
Initially, we’re going to market with a mobile wallet solution, the TrustVault app. We’re also adding desktop user interfaces very soon for institutional use cases where a mobile phone is not permissible – such as a trading floor. We’re integrating advanced hardware security modules and biometrics, alongside programmable custodial rules, to really keep user data safe. And we’ve got transaction sign and submit times to under a second. That makes it feasible for institutional clients to use the platform at speed. Plus, we are one of the first in the crypto space to be insured whilst being real-time.
We believe that crypto assets are going to provide new wealth creation opportunities for everyone, and we want to help drive the world towards that.
Blockchain reduces the cost of trust for financial transactions. And, once you reduce the cost of trust, you increase the velocity of trade and transactions, and you are able to provide support for more niche, underserved use cases – the use cases that have previously been considered too expensive to get into.
You make it easier for people to participate in the ecosystem and to create greater wealth. It’s about creating wealth for everyone, especially those underserved by conventional systems. In short, we need to make sure we’ve got the basics in place. To use cryptocurrency, you need to be able to see your account, send and receive transactions and assets and manage your money.
Who are your major clients? What is your geographical footprint?
Alex Batlin: Trustology’s clients can be found around the world. The clients range from individuals, crypto funds and other members of the crypto community to institutions and asset managers.
How does the company help its clients to solve their financial issues?
Alex Batlin: We provide custodial wallet solutions that are designed to address the security and ownership shortcomings of existing crypto custody solutions, hardware wallets and cold storage options. Meanwhile, we also provide the same level of speed, flexibility and access that the clients have come to expect from traditional assets and account services. After all, if your private keys are not kept super secure, then your assets are at risk.
What are the issues and challenges you are facing while providing the solution?
Alex Batlin: Changing perceptions is a big challenge. A lot of institutional players are still a little bit nervous about coming into decentralised finance (DeFi), because of Know Your Customer (KYC) and Anti-money Laundering (AML) rules. DeFi needs to have a proven approach on this to build confidence.
What makes the product different from rival solutions?
Alex Batlin: We now support all major crypto assets, from Bitcoin and Ether to ERC-20 tokens, and we’re also expecting to launch support for signing any decentralised finance transaction, through integration with MetaMask. The most interesting idea we’re pursuing is programmable custody rules, where our clients can create their own rules, but let us execute those rules, so they don’t have to wait on us to enforce the rules for them. Plus, again to reiterate from a previous response, we are one of the first in the crypto space to be insured.
We have seen high volatility in the digital currency markets in the past. Do you think cryptocurrencies will remain mainstream in the future?
Alex Batlin: I do in fact think we’re starting to see increased demand for crypto wallets to take on more of a utility role – as users start to explore additional facets of financial services such as investing, borrowing and lending.
How might Trustology help corporates and individuals to embrace cryptocurrencies in the future?
Alex Batlin: What the browser is to the Internet and what the bank is to traditional finance is what the wallet will become to the blockchain, and to the future of finance. In order to get people to embrace and adopt, you have to deliver on the fundamentals such as security, easy access, convenience and speed combined with education. People still don’t always realise the full potential of cryptoassets and blockchain technology – so the more we can help with enhancing their understanding, the more likely they’ll adopt as we will have established trust.
What are the key milestones for Trustology’s business development that we should look for in the next couple of years?
With the support of ConSensys and Two Sigma Ventures, Trustology’s team of highly-experienced blockchain, banking and software experts are hard at work defining the way that cryptoassets will be secured and managed in the digital era.
Bio:
Alex is an entrepreneur with extensive banking and blockchain experience. Previously, at BNY Mellon, Alex was Blockchain Lead and founding head of Emerging Business & Technology team. At UBS, Alex was founding head of a blockchain-focused FinTech Innovation Lab in UK’s Level 39 accelerator. Alex co-founded Utility Settlement Coin, Enterprise Ethereum Alliance and Trusted IoT consortias, and was featured in the 2015 FinTech Finance35 and 2016 FinTech 40 lists.
