Trustology, the revolutionary cryptoasset custody solutions platform, recently announced that it is now offering custodial wallet support to the Binance chain. The company will allow users to carry out BNB and all third-party cryptocurrency transactions all the while, maintaining a complete custody over their asset. On top of that, suitable, custodial trading would be made available through Binance’s decentralized exchange (DEX) too.

Binance, an influential cryptocurrency trading platform had expressed its desire of building a ‘smart chain’, a chain which would allow the creation of small contracts and designing of dApp in order to further expand Binance DEX, in their recently published white paper. The smart chain which will be running parallel to the already existing Binance chain is a clear indication of Binance’s plans to follow the fast-growing DeFi ecosystem. 

This new development is a result of the ever rising demand from institutional investors and funds that are hoping to access the DeFi ecosystem in order to grow AUM (Assets under Management) and improve portfolio value. Trustology comes as a boon to the Binance chain users that are in dire requirement of precautionary fail-safes and presently, there are only 28 wallets that support Binance Chain, including the non-custodial ones and the ones that do not work across different blockchains. 

The need for institutional custodial is rampant and Trustology aims to mitigate the same with the help of their signature custody wallet, TrustVault, which has fully automated built-in KYC/KYT controls and other security tools like Walled gardens (a closed ecosystem in which all the operations are controlled by the ecosystem operator).

Talking about their recent step, Alex Batlin, CEO of Trustology has stated that, one of the reasons why a lot of custodians do not lend a helping hand to Binance Chain and the DEX, is because they have an atypical architecture armed with a lot of challenges, particularly when it comes to the signing of transactions. But equipped with their one of a kind re-signing technology, Trustology steps up to the plate to not only support Binance Chain in a custodial way but also promises to sustain any application or new asset type that’s created on top of that. 

Further adding to his statement, Batlin said that they are ecstatic to be extending their asset class and on-chain support to embrace another major chain in the market so as to encourage the engagement of more and more institutional investors and funds looking for custody solutions that are platform agnostic, ultra-secure and offer quick executions. 

About Trustology

Founded in 2017 by global banking and technology experts, Trustology is the leading cryptoasset custody solutions platform. Their smart and agile accounts can be tailored to quench the diverse needs of individual, corporate, exchange and institutional clients at present and in the far future. TrustVault, Trustology’s first product, is a step change in key management which unites un-matched private key protection against cyber and physical threats with low latency execution with encrypted backups in the cloud.

For more information, visit https://trustology.io/

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