Last Updated on: 14th November 2024, 06:28 am
Since 2017, Türkiye’s top crypto asset technology company, Paribu, has served 7 million users. Now, with the introduction of Paribu Custody, the company offers institutional clients around the globe a secure digital asset custody and management solution in line with international standards.
Paribu, a pioneering force in Türkiye’s crypto sector, recently unveiled its latest service, Paribu Custody, designed to provide secure storage and management of digital assets for institutions worldwide.
With a secure, end-to-end infrastructure and independent wallets, Paribu Custody will cater to a diverse range of organisations—including banks, financial institutions, crypto exchanges, decentralised finance groups, and blockchain startups—who seek reliable custody and self-management of digital assets.
Unique custody infrastructure
Founded in 2017, Paribu provides fast, easy, and secure cryptocurrency trading services to its 7 million users and operates a registered custody company in Türkiye alongside its crypto asset trading platform. With Paribu Custody, it now offers digital asset custody services to institutional clients worldwide.
Cem Sağlam, Institutional Sales and Business Development Manager at Paribu, commented, “Developed by Paribu’s skilled engineers and software team, our service sets the standard for digital asset custody security in Türkiye, making Paribu unmatched in the field. Our proprietary ColdShield® technology positions Paribu Custody ahead of global competitors.”
Absolute security with multi-layered security architecture
Paribu’s ColdShield® technology, integrating MPC (Multi-Party Computation), SGX (Software Guard Extensions), and HSM (Hardware Security Module) technologies, divides customers’ private keys into multiple fragments and securely distributes them to separate parties. These distributed key parts are stored in a fully isolated environment, ensuring that no individual or organisation can access the complete private key.
With a multi-layered security architecture, ColdShield® technology prevents private key fragments from being reassembled, even during transfer. This design enables each party to generate partial signatures independently, eliminating single point of failure (SPoF) risks and providing clients with the highest level of asset security.
Cem Sağlam highlights that Paribu Custody, advancing even global standards, offers the ability to separate wallets into primary and proxy wallets, meeting diverse asset storage needs with options for cold, hot, and warm storage.
All platform processes are automatable via APIs. Additionally, the staking service enables organisations to conduct staking operations for crypto assets seamlessly, without requiring technical integration. Every process can be managed through the Paribu Custody mobile application, providing full control over each step—from transaction initiation to final signature approval.
Enables full regulatory compliance and reduces operational risk
Paribu Custody enables organisations to streamline Anti-Money Laundering and Anti-Terrorist Financing compliance controls through a single interface, supporting robust regulatory compliance processes. Comprehensive KYB (Know Your Business) procedures are conducted for all clients, ensuring adherence to legal standards and fostering a secure operational environment.
Banks and financial institutions can diversify their crypto asset offerings by leveraging Paribu Custody’s secure digital asset management solutions. Cryptocurrency trading platforms benefit from secure, compliant storage for client funds, while DeFi organisations can enhance asset security and reduce smart contract risks. Blockchain startups, meanwhile, can mitigate operational risks and ensure regulatory compliance through the secure storage of investor assets.
Paribu Custody is designed to securely store digital assets for today’s needs. Looking to the future, it is being developed to securely manage tokenised real-world assets (RWA) such as real estate, negotiable instruments, official documents, event tickets, and works of art, providing end-to-end corporate-level security.
Cem Sağlam concluded: “Paribu, the developer of Türkiye’s first independent blockchain project and the current setter of security standards in crypto asset custody, will continue to build the world of tomorrow.”
More information is available at www.paribu.com/custody.
