RIDDLE&CODE, a deep-tech European blockchain solution innovator, has cut a deal with Swiss-based Falcon Private Bank (Falcon) for the development of their best-in-class crypto custody solution.
Tom Fürstner, a recognised crypto expert, RIDDLE&CODE founder, and CTO said:
“Our team worked intensively with Falcon to reach ambitious security and regulatory goals with an open approach to design. We created a solution, based on hardware wallets, that challenges the rigid Hardware Security Model (HSM) by leveraging RIDDLE&CODE’s new open token platform using blockchain to enhance security and flexibility”.
Alastair Fiddes, Falcon Group COO added:
“We are proud of our new custody solution that respects all regulatory and compliance requirements. It allows secure storage of selected digital assets with great flexibility while allowing us to add further cryptocurrencies in a timely and efficient manner. Our cooperation with RIDDLE&CODE has enabled us to bypass the competition and to reaffirm our first-mover role in the area of blockchain banking services”.
Earlier this year, Falcon became the first Swiss private bank to introduce direct transfers of cryptocurrencies for both individual and institutional clients. Falcon’s offering relies on its new custody solution, developed in close collaboration with RIDDLE&CODE, focusing on:
- Security: “Hard wallets” use offline storage that is always encrypted, this removes the usual single-point-of-failure for managing signing secrets
- Flexibility: with the ability to change the number of required digital signatures to authorize a transaction, on a case-by-case basis
- Efficiency: tokenisation of physical assets, when associated with RIDDLE&CODE tagging technology, enables machines to interact securely, improving processes
Founded in Austria (Vienna), RIDDLE&CODE developed its own hardware and software stacks to tackle the complexity of cryptography related projects. RIDDLE&CODE combines the security of smart cards with the potential of Bitcoin Technology and the Internet of Things (IoT). This is achieved by extending smart card chips in form and function. This way the sophisticated security measures known from the credit card industry get transferred into the Blockchain world and the physical internet.