Crypto Finance Group, a FINMA licensed company that offers 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 plethora of new tools that will result in significant improvements in the performance, stability, reliability and security of the IOTA protocol.
Crypto Finance’s self-custody solution is designed to meet the needs of financial intermediaries as well as major partners from a wide variety of industries working on concepts using IOTA.
“We are proud to fully support the IOTA Chrysalis upgrade with our first-class infrastructure, as the demand from our customers and industrial partners for the IOTA token is increasing without compromising on security,” says Stijn Vander Straeten, CEO of Crypto Storage AG, the tech department of the Crypto Finance Group.
Why is IOTA interesting for the finance and industrial sector?
IOTA tokens were developed to enable fast communication and transactions for the IoT, with a blockchain structure developed for this purpose.
Its value lies as an alternative form of currency, as an alternative blockchain structure, and as a conduit for the adoption of the IoT in business, retail and other sectors.
What is the meaning of chrysalis?
Chrysalis is the largest upgrade in IOTA’s history, touching all aspects of the protocol, libraries, wallets and software implementations developed by the IOTA Foundation as it matures into permissionless and scalable distributed ledger technology (DLT). With the network upgrade, IOTA offers best practice cryptography and ease of use.
It provides a foundation for smart contracts, tokenization, and upcoming features developed by the foundation. With these features, the community is able to develop compelling new applications, including automated market makers (AMMs), callous decentralized financial platforms, powerful oracles, and smart contract-based startups that can leverage the power of the IOTA Tangle.
Another step is adjusting the mechanism for the consensus level by removing a centralized finality coordinator in an event called Coordicide. The Chrysalis upgrade already includes many of the aspects required for the removal of this coordinator.
Many changes are now made consciously so that fewer adjustments remain for the actual Coordicide event. This enables companies, developers, exchanges, custodians and other partners to implement their solutions with the introduction of Chrysalis. The goal is to keep the network healthy while maintaining decentralization and security, and promoting unprecedented scalability.
“The contributions of the Crypto Finance Group as a partner providing trading and custody solutions for professional institutions were 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 with the aim of becoming the backbone of the Internet of Things (IoT). The network is not based on a blockchain, but on a directed acyclic graph – the so-called tangle; enable parallelized transactions.
This network structure was chosen to overcome known limitations of traditional blockchains: transaction fees, scalability problems 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 to exchange values, information and digital assets everywhere.
Securing assets with Crypto Finance’s storage infrastructure helps develop these concepts and the IOTA Foundation’s vision of supporting 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 a variety of different crypto assets supported by the Crypto Finance storage infrastructure solution and offered by the brokerage team.
It offers specific benefits for two key groups: Crypto Finance clients who want to enable their business model with IOTA investments and leading companies in companies that work with IOTA can meet their institutional and compliance requirements.
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