Crypto Finance Group, a FINMA-licensed company that provides crypto brokerage services, secure storage infrastructure and tokenization solutions, has announced the successful upgrade of its secure storage infrastructure with IOTA Chrysalis.
This latest upgrade includes the introduction of established standards and a wealth of new tooling that will lead to major improvements in IOTA protocol performance, stability, reliability and security.
Crypto Finance’s self-custody solution is designed to meet the needs of financial intermediaries and key partners in various industries working on concepts using IOTA.
“We are proud to fully support the IOTA Chrysalis upgrade with our top-of-the-line infrastructure as demand for the IOTA token increases among our customers and with industry partners without compromising on security,” said Stijn Vander Straeten, CEO of Crypto Storage AG, the technical division of Crypto Finance Group.
Why is IOTA interesting for the financial sector and industry?
IOTA tokens are designed to enable fast communication and transactions for IoT, with a blockchain structure designed for this purpose.
Its value lies as an alternative form of currency, an alternative blockchain structure and a channel for IoT adoption in the enterprise, retail and other industries.
What is the importance of Chrysalis?
Chrysalis is the most comprehensive upgrade in IOTA’s history, covering all aspects of the protocol, libraries, wallets and software implementations developed by the IOTA Foundation as it matures as a permissionless and scalable distributed ledger (DLT) technology. With the network upgrade, IOTA offers best-practice cryptography and usability.
It provides a foundation for smart contracts, tokenization and upcoming features developed by the foundation. These features allow the community to build compelling new applications, including automated market makers (AMMs), decentralized financial platforms, powerful oracles, and smart contract-based start-ups that can harness the power of the IOTA Tangle.
A next step remains in modifying the consensus layer mechanism by removing a centralized finality coordinator in an event called Coordicide. The Chrysalis upgrade already includes many aspects required to remove this coordinator.
Many changes are now being made consciously, so that fewer adjustments remain for the actual Coordicide event. This allows enterprises, developers, exchanges, custodians and other partners to implement their solutions with the launch of Chrysalis. The goal is that the network remains feeless while maintaining decentralization and security, and promotes unprecedented scalability.
“The input from the Crypto Finance Group, as a partner providing trading and custody solutions to professional institutions, has been extremely valuable to us during the development of Chrysalis,” said Jakub Cech, Director of Engineering, IOTA Foundation.
Launched in June 2017, IOTA stands out from other blockchain developments, aiming to become the backbone of the internet of things (IoT). The network is not based on a blockchain, but on a targeted acyclic graph – called the Tangle; allowing parallel transactions.
This network structure was chosen to overcome known limitations of traditional blockchains: transaction costs, scalability issues and high energy consumption.
IOTA focuses on industries such as mobility, healthcare, smart cities, digital identity or industrial IoT, and the idea of enabling devices anywhere to exchange value, information and digital assets.
Keeping assets safe with Crypto Finance’s storage infrastructure contributes to the development of these concepts and the IOTA Foundation’s vision to support a machine-to-machine economy.
The Crypto Finance Group was the first professional IOTA token storage provider worldwide in January 2019. IOTA is one of many different crypto assets backed by the Crypto Finance storage infrastructure solution and offered by the brokerage team.
It offers specific benefits for two main groups: Crypto Finance clients who want to enable their business model with IOTA investments and leading companies working with IOTA can meet their institutional and compliance requirements.