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IOTA to Expand Collaboration with Institutional-Scale Partner to Meet Regulatory Requirements

u.today 26 April 2021 18:12, UTC
Reading time: ~2 m

IOTA Foundation explains how its collaboration with Crypto Finance AG changes with the rollout of the Chrysalis upgrade.

Bringing corporate-driven adoption to IOTA

According to the official announcement by the IOTA Foundation, IOTA is going to continue its close collaboration with Crypto Finance AG, a regulated digital assets services vendor.

IOTA expands partnership with Crypto Finance AG

This partnership started in 2019 and included a number of common projects, particularly in the sphere of storage and custodial solutions.

Crypto Finance AG was the first-ever professional IOTA token storage provider. It allowed IOTA Foundation to meet the most sophisticated compliance and regulatory requirements.

Also, Crypto Finance AG contributed to the progress of the IOTA DLT protocol by proposing and discussing changes to it.

Crypto Finance AG supports Chrysalis upgrade

Namely, it advocates replacing the Winternitz one-time signature scheme (W-OTS) and implementing reusable addresses in IOTA. Besides that, Crypto Finance AG was among the first to recommend that the IOTA team replace an account-based model with a UTXO-based one.

The firm fully supports the transition of the IOTA protocol to Chrysalis. As covered by U.Today previously, the Chrysalis upgrade will be activated by April 28, 2021.

This upgrade will advance the security and performance of IOTA DLT and bring it one step closer to Coordicide. Also, IOTA Foundation replaced its Trinity wallet with Firefly.

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