ID Quantique partners with Mt Pelerin to develop the first quantum-based solution for the secure storage of crypto assets: The Quantum Vault
ID Quantique (IDQ), the world leader in quantum-safe security solutions announced today that the company is partnering with Mt Pelerin, the Swiss leader in blockchain banking and finance, to provide quantum security for digital asset custody.
The wave of blockchain-based digitalization of financial assets is gaining momentum and starting to enter the focus of traditional banks and financial organizations. However, today there is a lack of institutional-grade security solutions for digital asset custody (DAC). This is a major technological concern for institutions like banks, custodians, prime brokers or any other corporations dealing with cryptocurrencies or tokenized assets.
To address this need, ID Quantique and Mt Pelerin announced today a partnership to combine their expertise. This collaboration aims at providing state-of-the-art, bank-grade secure digital asset custody by adding an extra layer of quantum technologies on top of conventional custody solution.
“Mt Pelerin embraces an open and inclusive approach to expanding the possibilities for global cryptofinance” said Grégoire Ribordy, Founder and CEO of ID Quantique. “We look forward to collaborating with Mt Pelerin to provide a new highly secured solution for the storage of crypto assets.”
“We are thrilled to join forces with ID Quantique in the cutting-edge domain of crypto storage” said Arnaud Salomon, Founder and CEO of Mt Pelerin. “With our highly complementary knowledge, the fruits of this partnership will contribute to push tokenized finance forward.”
This proposition combines hardware and software components, including: Quantum Random Number Generators (QRNG) to provide true entropy for key generation; Secret Sharing Scheme (SSS) and specific Key management software for a secure backup with no asset duplication; and optical fiber infrastructure protected by Quantum Key Distribution (QKD, Quantum Cryptography) for assets storage on distributed Hardware Security Modules (HSM).
The Quantum Vault solution is suitable for any type of crypto assets, on any blockchain. It solves both issues of backup and storage: it is temperature agnostic (transfer from cold to hot storage in a split second) and it allows for asset backup without private keys duplication. It is available with existing and reliable technology from ID Quantique including commercial QRNG, commercial QKD systems and a layer of software developed by Mt Pelerin. By combining several cryptosystems (QKD, one time pad, secret sharing schemes) the Quantum Vault is “Information-Theoretically Secure” (ITS), meaning that according to information theory, such a system cannot be hacked by an external adversary even with unlimited computing power.
Mt Pelerin plans to integrate the solution in the blockchain banking system that it is developing, in order to provide its customers with the most secure digital asset custody system possible. The partners also plan to implement it as a high-end turnkey solution for global custodians, prime brokers, crypto vaults, crypto exchanges and other institutional corporations for which the secure storage of digital assets is a vital requirement.
Download the press release here.
About Mt Pelerin
Mt Pelerin is a Swiss company based in Geneva building the first blockchain bank. It uses the technology to create a compliant and open ecosystem where individuals and businesses will be able to issue, deposit and trade tokenized securities straight from their bank account. With this new institution, Mt Pelerin envisions a new era of financial freedom through a facilitated and disintermediated access to financing and investment for all. Mt Pelerin has the ambition to become a fully authorized Swiss bank by early 2020. For more information, a press kit is available on https://www.mtpelerin.com/press.
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About ID Quantique
Founded in 2001 as a spin-off of the Group of Applied Physics of the University of Geneva, ID Quantique is the world leader in quantum-safe crypto solutions, designed to protect data for the future. The company provides quantum-safe network encryption, secure quantum key generation and Quantum Key Distribution solutions and services to the financial industry, enterprises and government organizations globally. IDQ’s quantum random number generator has been validated according to global standards and independent agencies, and is the reference in highly regulated and mission critical industries – such as security, encryption, critical infrastructure and IoT- where trust is paramount.
Additionally, IDQ is a leading provider of optical instrumentation products, most notably photon counters and related electronics. The company’s innovative photonic solutions are used in both commercial and research applications.
IDQ’s products are used by government, enterprise and academic customers in more than 60 countries and on every continent. IDQ is proud of its independence and neutrality, and believes in establishing long-term and trusted relationships with its customers and partners. For more information, please visit https://www.idquantique.com.
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