Announcing Balance Custody for Bolsa Cripto, Industry Leading Digital Asset Storage in Brazil
Today we are extremely excited to announce our partnership with Balance Custody to secure client assets of Bolsa Cripto, a digital asset exchange for Brazil built in partnership with Tritum Advisory on XT Exchange technology. All future XT platform partners will be integrated with Balance to create an ecosystem of secure, institutional quality liquidity and asset custody.
Starting today, Balance officially launches support for our tokenized Brazilian Real, BR.Mint under the ticker BRLM. This is the first tokenized asset issued by Mintt, and built in partnership with BlockXLabs, and will be launched exclusively on Bolsa Cripto shortly.
Through 2019, custody has become a high profile sector of the digital asset industry, becoming increasingly relevant as several notable exchange failures in Canada, Brazil, and elsewhere brought attention to the acute requirement for a trusted custodian, with proven business continuity, backup, disaster recovery, and succession planning protocols.
3rd party custodian solutions are common practice in the securities industry and versus self-management of assets as they can provide a neutral layer through which asset managers can implement controls to minimize the risk of theft or unauthorized activities by internal and external parties. It can also provide a clear path to creating auditable asset records. Finally, with the technological and business focus of a custodian it can almost certainly provide economies of scale in ensuring a given standard of asset care. In the universe of digital asset management, these measures centre on the creation and protection of the cryptographic keys controlling an asset, including ensuring the ability to use them to transact on-chain activities. Creating services with these requirements satisfied, and which is also easily adopted in practice for a business is no mean feat.
Given the critical importance of asset security, the partner selection and vetting process was very thorough. We were extremely pleased with the comprehensive technological approach Balance brought to digital asset custody, as well as their ongoing dialogue with regulators to keep at the forefront of their assessment and policy creation of this nascent segment for non-securities products.
We are extremely excited by the confidence this custody relationship will offer to Brazilians to transact and store their assets with Bolsa Cripto. With a history of unfortunate deceptions, or unintentional platform failures, irretrievable losses have been the single biggest issue in Brazil for digital asset exchange users. We are committed to alleviating this concern, and enabling them to focus on the quality and variety of assets, liquidity, and performance of Bolsa Cripto instead.
Over the coming weeks we will be releasing further exciting news from our partnership with Balance. Please stay tuned to bolsacripto.com and Bolsa Cripto’s social media for near term updates.