Trustology to Underpin XinFin’s Layer 1 XDC Network with Institutional-Grade On-chain Custody

LONDON, UK / ACCESSWIRE / December 16, 2021 / London-based Trustology, a leading Financial Conduct Authority (FCA) registered institutional crypto custodian wallet provider, has today announced it has partnered with eXchange inFinite (XinFin) to provide secure, institutional-grade on-chain custody for the XDC Network’s native XDC utility token. The token powers its Layer 1 hybrid blockchain network, XDC Network, and acts as a settlement mechanism through its interoperable smart contracts. Together, the partnership will serve as a first step in building a secure, compliant trade finance network across decentralized finance (DeFi) applications and markets and will facilitate access for non-bank investors to create more financing opportunities.

Many small to medium-sized enterprises (SMEs) struggle to access the funding needed to keep operating and growing in traditional lending markets that are highly competitive. Often operating in emerging sectors, many SMEs also don’t have enough assets to be used as collateral. They may try to seek funding from capital markets but often fail as investors in these markets prefer to mitigate risk by wagering on larger and more established companies who already have access to liquidity.

Tokenization of real-world assets removes the barrier of intermediaries and has enabled innovative financing options to evolve in order to bridge the $1.2 trillion trade finance gap faced by SMEs. For institutions to participate and combat higher security risks, a trusted custodian, like Trustology, is required to navigate increasingly complex smart contract technology and provide the assurances needed for verified counterparties, guaranteed transactions and instant settlement to help mitigate settlement and operational risks in this nascent ecosystem.

The XDC Network is an increasingly attractive blockchain technology solution for developers, smart contract architects and enterprises to deploy their applications on the network. Built with institutions in mind, the network delivers on scale, energy efficiency and compliance (ISO20022 compliant) through a hybrid architecture that combines the best of both private and public blockchains for financial data security and immutable transactions.

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Trustology has integrated with the XDC Network to function as both a settlement agent for escrowed funds and high-performance custodial wallet platform provider. At the forefront of innovating in DeFi for over two years now, Trustology delivers on bespoke solutions that work to ensure security, utility and access in real-time. Their custom integration with the MetaMask extension now provides additional support for Ethereum-compatible L1 and L2 blockchain networks such as the XDC Network.

Alex Batlin, Founder and CEO of Trustology said: “We’re looking forward to helping the XDC Network grow its institutional participation across the entire spectrum of the crypto industry, be that safekeeping assets, transacting on-chain, on-exchange, facilitating settlement or when using DeFi protocols. Excitingly, this also opens up access to DeFi’s Metaverse, where Trustology can help navigate NFT tokenization, often removed due to fear of counterparty risk.”

Bill Sebell, XinFin’s Director of Ecosystem Development said; “We are proud to partner with Trustology to bring another trusted custody solution to the XDC ecosystem. Being a fully registered cryptoassets firm with the UK’s Financial Conduct Authority, Trustology offers custodial solutions that fully complement the needs of our network’s institutional participants. We look forward to Trustology playing an integral role within our rapidly emerging trade finance ecosystem.”

For further information, please contact:
Mia Mohamed
Trustology
UK mobile/What’s app: +44 75 0010 5815

About Trustology

London-based Trustology is focused on developing solutions to help institutional, corporate and private clients safeguard and administer cryptoassets in a safer, faster and easier way on-chain, on-DeFi, and on-exchange. Founded in 2017 by Alex Batlin and a team of experts in global banking and technology, Trustology is backed by ConsenSys, a global blockchain company, and Two Sigma Ventures, an early-stage venture capital fund of Two Sigma. For more information about Trustology, please visit www.trustology.io.

About XDC Network (XDC)

The XDC Network – created by eXchange inFinite (XinFin) – is a delegated proof of stake consensus network (XDPoS), enabling hybrid relay bridges, instant block finality, and interoperability with ISO 20022 financial messaging standards, making the network’s hybrid (private/public) architecture enterprise and developer-friendly. XinFin Digital Contract (XDC) is the digital asset that powers the XDC hybrid blockchain network. The XDC coin acts as a settlement mechanism for decentralized applications (Dapps) built on the XDC Network. For more information about XinFin and the XDC Network, please visit www.xinfin.org.

SOURCE: Trustology Ltd

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