The partnership enables asset tokenization, burning and minting through a secure and intuitive institutional portal.
Financial institutions are seeing a marked increase in market opportunities for tokenization. It is estimated that less than 1% of global wealth has been digitized to date. “We, at Bitbond, believe that everything that can be tokenized will be in the future,” said Radoslav Albrecht, Founder and CEO at Bitbond. With the belief that “everything that can be tokenized will be tokenized”, the potential of growth is almost limitless and in the trillions. It includes security tokens such as equities and bonds, utility tokens, and other assets such as collectables, real estate, documentation and so much more.
As cryptocurrency adoption grows, hackers are increasingly focused on this market. No progress can be made if hackers can get their hands on the token issuer’s private keys. Then, they can cash in the funds directly to their accounts, but also gain control over the minting and burning of the asset. The increased interest and sophistication of hackers suggest that institutions need an enterprise-grade custody solution to manage their private keys.
The institutional-grade digital asset custody platform with DeFi, staking, NFT, and tokenization support GK8, announced that it is partnering with Bitbond to offer clients an end-to-end token life cycle solution. The joint solution aims to provide a one-stop shop where clients can securely issue, mint, burn, manage, store, and distribute, with an intuitive user interface. Essentially, this enables asset tokenization, burning and minting through a secure and intuitive institutional portal. Moreover, customers can benefit from utilizing a tool that has already issued regulated and compliant tokens by the German regulator BaFin.
“Tokenization is taking the world by storm, however up until now, institutions have had to rely on multiple systems to issue, manage, and take custody of their tokens and keys,” says Lior Lamesh, CEO and Co-Founder of GK8. “Not enough attention is paid to the custody and safekeeping of the institutions’ private keys which can endanger the assets. This understanding has led to our collaboration with Bitbond, to bring a holistic, intuitive solution to the market. We are proud to partner with Bitbond, the leading tokenization technology for regulated financial institutions and large issuers.”
Together, GK8 and Bitbond have partnered to provide customers with a true end-to-end token issuance and management solution. Any token can be created, managed, and distributed. All of this including minting and burning can be securely done through the GK8 Cold Vault which eliminates all cyber security attack vectors. GK8 and Bitbond’s joint solution brings together functionality, scalability, and security with an end-to-end, token life cycle management solution.
“It’s a pleasure to collaborate with GK8 on this initiative,” says Radoslav Albrecht, Founder & CEO of Bitbond. “This is the time to invest in a secure solution for the custody and safekeeping of digital assets. GK8 not only offers one of the most secure custody solutions for digital assets, but its platform has also proven to give financial institutions the best solution to manage and monetize all their digital assets. GK8 is expanding those services even further by leveraging our tokenization software.”
Bitbond also lets users create tokens on Ethereum, Polygon, Avalanche and Binance Smart Chain without having to code their own smart contracts with Token Tool. Token Tool makes tokenization accessible via a convenient Web3 token generator app. Users can create ERC20/ERC1400 tokens, distribute tokens, mint NFTs, and create token sales.
GK8’s regulation-ready solution includes both a Cold Vault as well as an MPC vault. The company’s unique Cold Vault is the only solution on the market that can create, sign, and send blockchain transactions without being connected to the internet which grants institutions an unparalleled level of security, leaving no openings for hackers to exploit. This Cold Vault is paired with a patented, high-performance MPC wallet used for high-frequency automatic transactions. The company has an arrangement with AON for customers to quickly and seamlessly access insurance of up to $750 million per Vault, the highest available on the market today.
GK8 was chosen by Mastercard to help it define the future of blockchain finance and payments, GK8 serves clients managing billions worth of digital assets, including social investing network eToro, Securrency, a blockchain fintech company backed by State Street, U.S. Bank, WisdomTree, and Abu Dhabi Catalyst Partners, Tezos Foundation, and Prosegur, one of the world’s largest custodians with more than $400B assets under management. In 2022, Forbes added GK8’s co-founders to its list of 30 Under 30.