Trustology, the leading cryptoasset custody solutions platform, has today announced that it has extended custodial wallet support to the Binance chain, enabling users to transact BNB and all third party cryptocurrencies with full custody over their assets. Convenient, custodial trading will soon be offered through Binance’s decentralized exchange (DEX) as well.
The announcement coincides with Binance’s recently published white paper outlining their plans to build a “smart chain”. Running parallel to the existing Binance chain, the smart chain will facilitate the creation of smart contracts and designing of dApps not only augmenting the Binance DEX, but another clear indication that Binance is likely to pursue the fast-growing DeFi ecosystem.
Trustology, who is already leading the charge in navigating the complexities of DeFi crypto custody, extended support for the Binance Chain and transactions on the Binance DEX in response to mounting demand from institutional investors and funds looking to access the DeFi ecosystem to grow AUM and enhance portfolio value.
“With the value locked in crypto DeFi markets hitting the $1 billion milestone earlier this year, a quarter of what it was worth a year ago, the market is poised for continuous growth. Binance developing their own DeFi ecosystem is an obvious win for the Binance Smart Chain, and for us as custodians as we’re always striving to offer our clients as many opportunities as possible to maximise earning potential in the financial markets,” said Trustology CEO Alex Batlin.
Along with most decentralized protocols, Binance Chain users are in need of precautionary fail-safes that only independent custody solutions offer. Currently, there are only 28 wallets, mostly non-custodial, that support Binance Chain, and very few of these work across different blockchains.
“One of the reasons a lot of custodians don’t support Binance chain and the DEXs, is because they have a different architecture which poses a number of challenges, especially when it comes to signing transactions. Our unique re-signing technology has enabled us to quickly support Binance Chain in a custodial way, and as and when Binance Smart Chain comes on board we’ll be able to support any application or new asset type created on top of that like we do with Ethereum.”
Trustology is the first custodial wallet provider with a MetaMask integration, bridging the gap between safe custody and decentralized apps, providing the much-needed security critically lacking in DeFi. Additionally, Trustology’s unique re-signing technology will benefit both individual and institutional investors looking to enter the DeFi space, as new dApps that start to emerge on the Binance Smart Chain will be supported immediately, in a custodial way, from launch.
A recent report from accounting giant KPMG revealed a critical need for institutional custody. Per the report, over $9.8 billion worth of crypto has been stolen in the past three years alone. This demand for independent custodians is only becoming greater as DeFi ecosystems continue to develop.
Fortunately, some of these risks can be mitigated via Trustology’s signature custody wallet, TrustVault. Fully automated with built-in KYC/KYT controls and other security safeguards such as multisig and whitelists, or “walled gardens,” TrustVault permits the user to filter between desired and undesired entities and create a controlled environment. This could involve allowing officially published exchange addresses while barring known criminal addresses. The same applies on-chain with whitelists sanctioning particular dApp smart contracts and excluding others.
“We’re excited to be expanding our asset class and on-chain support to include another major chain in the market which should help to engage more institutional investors and funds looking for custody solutions that are platform agnostic, ultra-secure and provide fast execution capabilities,” says Batlin.
“The move to support Binance furthers our drive into the DeFi space and long term goal of becoming the go-to programmable custodial platform. In essence, this move enhances our product offering and services into DeFi space and coins and chains we support.”