Crypto Finance Group supports IOTA Chrysalis upgrade
Crypto Finance Group, a FINMA-licenced firm providing 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 wealth of new tooling that will lead to major improvements in performance, stability, reliability, and security of the IOTA protocol.
The Crypto Finance self-custody solution is designed to meet the needs of financial intermediaries as well as significant partners across a variety of industries working on concepts that use IOTA.
“We are proud to fully support the IOTA Chrysalis upgrade with our top-tier infrastructure, as demand increases among our clients and with industry partners for the IOTA token without compromising on security,” says Stijn Vander Straeten, CEO of Crypto Storage AG, the tech division of Crypto Finance Group.
Why is IOTA interesting for the finance and industry sector?
IOTA tokens are designed for enabling fast communication and transactions for IoT, with a blockchain structure that was designed for this purpose.
Its value lies as an alternative form of currency, an alternative blockchain structure, and a conduit for IoT adoption across the enterprise, retail, and other sectors.
What is the importance of Chrysalis?
Chrysalis is the most extensive upgrade in IOTA’s history, touching all aspects of the protocol, libraries, wallets, and software implementations developed by the IOTA Foundation, as it matures as a permissionless and scalable distributed ledger technology (DLT). With the network upgrade, IOTA provides best-practice cryptography and usability.
It provides a foundation for smart contracts, tokenization, and upcoming features developed by the foundation. With these features, the community is able to build compelling new applications, including automated market makers (AMMs), feeless decentralized finance platforms, powerful oracles, and smart-contract-based start-ups that can leverage the power of the IOTA Tangle.
A further step remains, in adapting the mechanism for the consensus layer by removing a centralized finality Coordinator, in an event called Coordicide. The Chrysalis upgrade already contains many aspects required for the removal of this Coordinator.
Many changes are deliberately being made now, so fewer adjustments remain for the actual Coordicide event. This allows enterprises, developers, exchanges, custodians, and other partners to implement their solutions with the launch of Chrysalis. The goal is for the network to remain feeless while preserving decentralization and security, and promoting unprecedented scalability.
“The inputs from the Crypto Finance Group, as a partner providing trading and custody solutions to professional institutions, were extremely valuable for us during the development of Chrysalis,” said Jakub Cech, Director of Engineering, IOTA Foundation.
Launched in June 2017, IOTA sets itself apart from other blockchain developments, with its aim to become the backbone of the internet of things (IoT). The network is not based on a blockchain, but a directed acyclic graph – called the Tangle; allowing for parallelized transactions.
This network structure was chosen to overcome known limitations of traditional blockchains: transaction fees, scalability issues, and high energy consumption.
IOTA puts the focus on industries such as mobility, healthcare, smart cities, digital identity, or industrial IoT, and the idea of enabling devices anywhere to exchange value, information, and digital assets.
Keeping assets secure with the Crypto Finance storage infrastructure contributes to the development of 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 multitude of different crypto assets supported by the Crypto Finance storage infrastructure solution and offered by the brokerage team.
It provides specific benefits for two key groups: Crypto Finance clients looking to enable their business model with IOTA investments and leading companies in enterprise working with IOTA are able to meet their institutional and compliance requirements.