INX Launches Compliance-Friendly Wallet for Institutional Investors

INX Launches Compliance-Friendly Wallet for Institutional Investors

INX, a securities token platform, has partnered with wallet infrastructure provider BitGo to launch a new wallet that comes equipped with compliance features for institutional investors. The wallet uses multi-party computation (MPC) technology to ensure cybersecurity and custody standards for holding INX securities tokens.

The ERC-1404 Token Standard

INX securities tokens are based on the Ethereum network and follow the ERC-1404 token standard, which was created in 2018 to provide compliance-friendly Ethereum tokens. These tokens can only be transferred between users who have passed identity verification with a participating institution.

Features of the New Wallet

The new wallet is designed to make it easier for institutions to comply with industry standards when holding INX securities tokens. The wallet uses MPC technology to ensure that no single person is given access to the private key that controls a given account. The key is split into three or more “shards” that have to be combined to sign transactions.

Additionally, the wallet contains features to make employee access privileges easier to manage. Companies can assign different employees to different roles, such as “viewers, spenders, approvers, and administrators.” Clients’ assets can also be segregated by splitting up funds into multiple wallets and giving “approver” privileges to each individual client.

According to Lisa Jowett, head of platform sales at BitGo, these new features will help make institutional investors more comfortable using Web3 technology. She believes that the wallet’s ability to connect and interact seamlessly with the INX platform without compromising on security or reliability will unlock new possibilities for investors and serve as a gateway for institutional adoption of Web3.

INX has already made significant strides in the industry, having launched its first equity token from a public company, Greenbriar Capital, on April 3. INX advisor Douglas Borthwick has argued that eventually “all assets will migrate to the blockchain.”

As a registered broker-dealer with the Securities and Exchange Commission in the United States, INX is well-positioned to capitalize on the growing demand for compliance-friendly blockchain solutions. While some experts have argued that the U.S. lacks clear enough crypto regulations for most exchanges to gain this designation, INX’s new wallet may help to alleviate some of these concerns for institutional investors.


Articles You May Like

Exploring the Global Trend: Central Bank Digital Currencies (CBDCs)
Optimism Among Institutional Investors for Cryptocurrencies in the Next 12 Months, Survey Finds
Stronghold Digital Mining Signs Two-Year Hosting Deal with Cantaloupe Digital
The Explosive Rise of L The Memecoin: A New Contender in the Crypto Market

Leave a Reply

Your email address will not be published. Required fields are marked *