Polysign: The Global Standard for Digital Asset Custody
Custody. A big, if not the biggest problem facing mass adoption of cryptocurrencies, is finally reaching a resolution. Just like we use banks for custody, or management, of our fiat currencies, we are also in need of industry-leading custody services for digital assets. The good news is, 2020 is when the solution we've all been waiting for is coming to fruition.
Introducing Polysign, the all-in-one custody solution for digital assets created to scale to trillions under management. The company was founded back in 2017 but has kept their operations under wraps for 3 years. It is expected that sometime during 2020, the company will unveil what they have been secretly working on and possibly start accepting institutional clients. The discovery of this news was announced by community member, StuartXRP in a recent tweet.
Polysign Inc. is headed up by CEO, Jack McDonald, along with VP of Product, Anna Tong, and Chief Compliance Officer, Antoinette O’Gorman, among others. David Schwartz, CTO of Ripple, serves as a board member and as a blockchain architect in the project along with Arthur Britto, creator of the XRP Ledger. If you go and look up “powerhouse team” in the dictionary, you would find these incredible people listed underneath.
The Polysign team has an audacious yet highly attainable goal which is...
to build the global standard for institutional digital asset custody
The company is not rolling with an existing wheel already in motion. To the contrary, they reside on the cutting-edge, inventing a new paradigm from the ground up, setting the global standard on how digital asset custody should look, feel, and operate. David Schwartz, when interviewed in front of a group of students at the University of Texas, was clearly excited about the progress of the project thus far (see bonus content below to view the video footage).
What does this really mean?
With the upcoming release of Polysign custody services, it fills the gap in the digital asset ecosystem that was missing all along. The average person who is not a typical retail investor, is not going to opt for a Ledger Nano or Trezor cold wallet to hold their crypto. Instead, the average Joe will want a trusted 3rd-party to manage their holdings so that they don't have to worry about security concerns.
When you add Polysign custody to the increased regulatory clarity on digital asset usage and holding, it further matures the space unlike never before. Polysign, just like Coil and Forte, is a Xpring-backed project that received a considerable amount of funding to advance the technology forward to completion.
Over the next year or two, it is expected that additional banks and other major financial institutions throughout the world will continue diving deep into digital asset research, testing, and implementation. Facebook's Libra whitepaper announcement really grabbed the world's attention, serving as a catapult launching the curiosity this space out of the atmosphere. As banks themselves look at holding XRP, Polysign will be standing by as a strong management option.
The soon-to-be fully operational custody service is an essential piece of the internet of value puzzle. Once it is placed in the right position, there's no moving it as it will have achieved first-mover advantage, which can only mean extreme upside for XRP holders. When the entire digital asset space can expand and all boats have the opportunity to rise, we all win. Time to get excited. ✦
Polysign: The Global Standard for Digital Asset Custody
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