D3ledger.com has started to provide safekeeping of digital assets and cryptocurrencies using its distributed digital depository platform. On Oct. 16, AddCapital Investment Fund has started to use custody services from D3ledger. Safekeeping service has been done under the partnership with Lykke.
D3ledger addresses the pressing need to create a safe and efficient environment for investors in the emerging crypto asset class, as indicated in the CSD report (CSD working group on DLT, Infrastructure for crypto assets, https://issanet.org/e/pdf/2018-10_ISSA_report_Infrastructure_for_Crypto-Assets.pdf)
“Our service is a way for financial institutions to securely deposit their assets in a distributed and immutable way,” said Makoto Takemiya, co-founder of D3ledger. “Ultimately it will lead to a larger institutional adoption of crypto assets.”
“We experience that professional market is missing simple and effective solutions in assets safekeeping which would cover a wide list of crypto-assets, approachable right away and friendly to regulation in multiple countries,” said Alex Prokofyev, managing partner of AddCapital, “We focus on developing new financial solutions and instruments especially in new technologies. We hope that D3ledger will soon become a strong and widely accepted digital assets safekeeping and settlement service at a large scale.”
Technically D3ledger provides secure decentralized storage and settlements using Hyperledger Iroha blockchain platform built by Soramitsu and open-source community. Hyperledger Iroha allows asset tokenization based on distributed ledger technology, providing a high level of trust and security. D3 network is based upon proof-of-stake consensus (YAC https://arxiv.org/pdf/1809.00554.pdf) which allows D3ledger to process more than 2 000 000 safekeeping and settlement operations per day.
D3ledger peer network consists of three nodes for this pilot deal:
- KDD (Slovenian CSD)
- National Settlement Depository
- Lykke
Sources of D3ledger are open on GitHub and passed security audit by Lykke.
Decentralization, the key feature of D3ledger offering, gives several benefits for crypto investors and financial intermediaries:
- Sufficient level of regulatory transparency
- Virtually no risk of infrastructure downtime
- Easy re-landings of account to a new jurisdiction
- Safe ownership through identification of each owner via the network of nodes. Ownership records are safe even the in case of default/bankruptcy of one of the partners
- Easy governance of the network through the steering committee and voting procedure.
“D3ledger is set to become a key pillar for new digital markets ecosystem, enabling geo-distributed compliant custodial and settlement services, which is essential for large-scale institutional adoption”, said CEO and founder of Lykke Richard Olsen.
“Our service improves the reliability of crypto safekeeping and brings the ability to recover possession of digital financial assets like cryptocurrencies and tokens in the case of the loss of keys,”commented Ryu Okada, co-CEO of Soramitsu, a leading contributor to the Hyperledger Iroha platform and D3ledger sources.
