GK8, a cybersecurity company that offers high-security custodian technology for managing and safeguarding digital assets, announces its partnership with Securrency, a fintech and regtech global leader, backed by State Street, U.S. Bank, WisdomTree and Abu Dhabi Catalyst Partners. Securrency focuses on tokenizing real-world financial assets, such as securities, equities, and commodities, bridging the gap between conventional finance and the world of digital assets. GK8’s enterprise-grade end-to-end custodial solution will be available to Securrency’s clients as Securrency creates a global ecosystem built around a universal, interoperable compliance core, bridging the gap between traditional and new financial markets.
After years on the fringe of the financial system, cryptocurrencies and other digital assets are turning institutional heads. In mid-June, CNBC reported that Goldman Sachs had started trading bitcoin futures—just another sign of the growing crypto appetite from established financial giants. The lack of an established regulatory framework has impeded the institutional embrace of crypto, however, with the U.S. still only gearing up for full-fledged action on the matter. While other countries, such as Germany, have already stepped further in laying the regulatory foundations for institutional adoption of crypto, this in itself poses another issue, namely regulatory fragmentation on the international level.
GK8’s proprietary end-to-end custodial solution, designed for banks and other financial institutions, is set to power Securrency’s services as the company prepares the world’s leading banks to digitize traditional assets. GK8’s compliance and regulations-ready platform includes the world’s only truly offline cold vault and a highly scalable MPC for automatic high-frequency transactions, equipped with a robust API and customer apps to enable enterprises to secure their digital assets with ease and accessibility. Its unique smart contract compatibility allows financial institutions to process any transactions and build up sophisticated algorithms to power their operations and workflows.
The GK8 cold vault, which enables the user to authorize a transaction without connecting to the Internet, operates on a unidirectional basis, leaving a prospective attacker with no exploitable openings. As an extra layer of protection, its MPC can support up to several dozen automatic co-signatories, which makes for a dramatic improvement against the average cap of three automatic co-signatories as seen in other solutions on the market. The solution has an arrangement with AON UK for customers to quickly and seamlessly access the largest insurance coverage in the market today which is upwards of $500 million per vault.
GK8 was recently chosen by Mastercard to engage in defining the future of blockchain finance and payments in its Startup Path program dedicated to facilitating the growth of the most innovative crypto solutions globally. GK8’s portfolio of clients grew 400% in 2020, and currently serves clients who manage billions of digital assets. Some of those clients include eToro, currently at $10B market value, trading platform INX which has raised $125 million in a security token and equity offering, and Prosegur, one of the world’s largest custodians with $400 Billion under its management.
“Banks and other financial institutions are waking up to the fact that blockchain is more than crypto, and that any financial instruments can be tokenized,” says Lior Lamesh, CEO and Co-Founder of GK8. “For institutions looking to offer traditional assets on the blockchain, our enterprise-grade custodial solution, with its unparalleled security and flexibility, is empowering these institutions to build the finance of the future. With its stellar investor support, we are sure that Securrency will lead the way in this transition, and we are thrilled to be part of this transformation.”
“We are delighted to team up with GK8 and offer the world’s leading banks and other financial institutions the most secure custodial solution in the market,” says Dan Doney, Co-Founder and CEO of Securrency. “GK8’s design provides all-around protection and functionality for enterprise-grade clients. By adding the GK8 custodial solution to our network, we can now make sure that our customers’ assets are protected to the highest standards.”