A relatively small financial institution, with little time in history, claims to have achieved what no one else has done and offer cold storage the keys of several cryptographic tokens. His name is Prime Trust.
Prime Trust is a US company that had been dedicated to safeguarding several cryptocurrencies backed by dollars, as well as playing an administrative role in the stablecoin announced last month by IBM and startup Stronghold. However, in mid-July the custody company decided to move into the field of traditional digital currencies.
The company said that since July they are offering cold storage for Bitcoin, the most popular cryptocurrency currently. In addition, he revealed to CoinDesk that next week they will announce that they can also handle the custody of ETH and any other token issued in the Ethereum Blockchain under the ERC-20 standard.
The cold storage of the cryptographic keys, consists of keeping them out of line so that they can not be stolen in a cyber attack; They are usually kept in a hardware device or in pieces of paper stored in safes.
This type of storage is highly demanded by investors who, despite the downward trend of the market, still bet on digital currencies, but want to maintain the greatest possible security or companies that are required to have an authorized custodian.
There are already several well-known giants in the cryptoactive custody sector, such as Coinbase or Ledger, and other large financial companies are venturing into it, such as Goldman Sachs. However, Prime Trust relies on its capabilities to face the competition, ensuring that having only two years of being launched, it is they who have the most innovative technology to meet the demands of the market.
"There are 100 trillion dollar fortune entities, and they just are not going to move that fast," said Prime Trust CEO Soctt Purcell.
Purcell also ensured that his company would be the first to offer custody of any ERC-20 token, which was not a simple feat. In fact, it was cataloged as a "massive technical problem" at a conference held in Barbados. "We had an engineering breakthrough that now allows us to cold store any ERC-20 token (along with BTC and ETH, of course)," he explained.
The idea of cold storage of these types of tokens was heard "great in theory, impossible in practice due to several adjustments / nuances in each different token, that's why nobody does this, nobody until now," Purcell said.
For now, we have to wait for the official announcement from Prime Trust about the custody of Ether and other ERC-20 tokens. And it is important to keep an eye on the next movements of this small American company that decided to compete with the big