Trustology, a London-based financial technology company that helps private and institutional companies secures digital assets, has raised $8 million in a seed round of funding led by Two Sigma Ventures. ConsenSys — a global blockchain company that was founded by Ethereum co-founder Joseph Lubin, participated in this round as well.
The company’s first product TrustVault combines unmatched private key protection against cyber and physical threats with low latency execution by keeping private keys safe and the control inside tamper-proof. And it keeps programmable hardware security modules hosted in secure data centers with encrypted backups in the cloud.
Trustology was founded by Alex Batlin, who previously worked on blockchain initiatives at UBS and BNY Mellon. And Batlin was a founding member of the Enterprise Ethereum Alliance, Trusted IoT Alliance, Utility Settlement Coin and R3 consortium.
“Key safeguarding is the catalyst for the world’s transition to digital assets and an inclusive shift for the internet economy,” said Batlin in a statement. “Trustology’s unique blend of people, process, and key management technology offers industry defining digital asset security with speed of access and unrivaled ease of use. Trustology aspires to be the digital trust brand of the future.”
Trustology plans to use the funding to develop new capabilities such as smart accounts with programmable controls and to support additional asset classes. Plus the company is going to expand operations globally. And the company is currently onboarding selected beta clients.
Lubin added that ConsenSys invests in solutions that elevate work towards integrating the blockchain ecosystem and provides individuals and institutions with tools needed for transitioning from legacy systems to decentralized infrastructure. Trustology was incubated at the ConsenSys venture production studio.
“We believe that a hot-storage solution with strong security and programmable controls is necessary to develop a larger, institutional trading ecosystem around digital assets,” explained Two Sigma Ventures’ venture partner Matt Jacobus. “With their extensive backgrounds working at major financial institutions at the intersection of blockchain, technology, and product development, this is just the team to build it.”
