Mt Pelerin, in partnership with ID Quantique (IDQ), has started testing its digital asset custody solution in Switzerland, according to a release The “Quantum Vault” is described as being an ultra-secure digital asset custody solution.
In October 2019, IDQ and Mt Pelerin received funding from the European Union (EU) as part of OPENQKD, a secure quantum communication infrastructure research project, to develop the Quantum Vault.
Mt Pelerin is a Swiss Fintech company based in Geneva specialized in asset tokenization and digital compliance. It is creating a new kind of financial institution using blockchain technology to facilitate the access and exchange of digital assets for the crowd.
The Quantum Vault aims at providing ultra-secure storage of digital assets for financial institutions such as central banks, global custodians, cryptocurrency exchanges and asset managers. Having a dependable, enterprise-ready custody solution is necessary for wide-spread acceptance of digital assets. The first proof of concept of the Quantum Vault was presented today in Geneva during a joint webinar by IDQ and Mt Pelerin.
The Quantum Vault relies on a “QKD” or “quantum key distribution” infrastructure provided by IDQ and transported over SIG (Services Industriels de Genève) optical fiber network in Geneva. SIG is hosting the central QKD node of this network.
Grégoire Ribordy, co-founder and CEO of ID Quantique, explained that quantum keys are available between two data-centers to secure data in transit and at rest:
“By adding this extra layer of quantum-safe security on top of a bank-grade custody solution, the Quantum Vault ensures that the safe storage of private keys (the proof of a digital asset’s ownership) is “Information-Theoretically Secure” (ITS). This means that digital assets cannot be hacked, even by an external adversary even with unlimited computing power. We also plan to explore applications of this technology to highly secure information storage across multiple data centers.”
Stéphane Deramaux, Mt Pelerin’s Quantum Vault project manager, said the test will prove the performance and benefits of the Quantum Vault:
“It is also a great demonstration of the partner network in the Geneva region, the fruits of this partnership will contribute to push tokenized finance forward.”