The Crypto Finance Group, a company licensed by FINMA that offers 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 host of new tools that will result in significant improvements in the performance, stability, reliability and security of the IOTA protocol.
Crypto Finance’s self-custody solution is designed to meet the needs of financial intermediaries as well as major partners in a wide variety of industries working on concepts using IOTA.
“We are proud to fully support the IOTA Chrysalis upgrade with our first-class infrastructure, as the demand from our customers and industrial partners for the IOTA token is increasing without compromising on security,” says Stijn Vander Straeten, CEO of Crypto Storage AG, the tech department of the Crypto Finance Group.
Why is IOTA interesting for the finance and industrial sector?
IOTA tokens enable fast communication and transactions for the Internet of Things with a blockchain structure designed for this purpose.
Its value lies in an alternate form of currency, an alternate blockchain structure, and a channel for the adoption of IoT across the enterprise, retail, and other sectors.
What is the meaning of chrysalis?
Chrysalis is the largest upgrade in IOTA’s history and touches 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 (DLT) technology. With the network upgrade, IOTA offers best practice cryptography and ease of use.
It provides a foundation for smart contracts, tokenization, and upcoming features developed by the foundation. These features allow the community to create compelling new applications, including automated market makers (AMMs), decentralized financial platforms, powerful oracles, and smart contract-based startups that can leverage the power of the IOTA Tangle.
Another step is to adjust the mechanism for the consensus layer by removing a central finalization coordinator in an event called Coordicide. The Chrysalis upgrade already includes many of the aspects required to remove this coordinator.
Many changes are now made on purpose, leaving fewer adjustments for the actual Coordicide event. This allows companies, developers, exchanges, custodians and other partners to implement their solutions with the introduction of Chrysalis. The goal is for the network to maintain a sense of stability while maintaining decentralization and security, as well as promoting unprecedented scalability.
“The contributions of the Crypto Finance Group as a partner offering trading and custody solutions to professional institutions were extremely valuable to us during the development of Chrysalis,” said Jakub Cech, Director of Engineering at the IOTA Foundation.
IOTA was launched in June 2017 and differs from other blockchain developments with the aim of becoming the backbone of the Internet of Things (IoT). The network is not based on a blockchain, but on a directed acyclic graph – the so-called tangle. Enable parallelization of transactions.
This network structure was chosen to overcome known limitations of traditional blockchains: transaction fees, scalability issues and high energy consumption.
IOTA focuses on industries such as mobility, healthcare, smart cities, digital identity or the industrial Internet of Things and on the idea of enabling devices to exchange value, information and digital assets everywhere.
The security of the assets with the Crypto Finance storage infrastructure contributes to the development of these concepts and the vision of the IOTA Foundation to support 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 variety of different crypto assets supported by the Crypto Finance storage infrastructure solution and offered by the brokerage team.
It offers specific benefits for two key groups: Crypto Finance clients who want to enable their business model with IOTA investments and leading companies in companies that work with IOTA can meet their institutional and compliance requirements.