By Andrei Skvarsky.
Guernsey-based investment company ITI Funds has said it has entered into a partnership that arms it with a technology to significantly reduce risks inherent in cryptocurrency transactions.
ITI Funds’ acquisition of a stake in Russian technology company Cracc gives the British firm access to a multi-signature solution that would enable it to avoid many of the “risks specific to the cryptocurrency market – hacking, loss of private keys, and transfers to incorrect addresses”, a statement from ITI Funds quoted its CEO, Gleb Yakovlev, as saying.
Multi-signature is a security scheme involving the use of more than one digital signature to authorise a crypto transaction.
“Blockchain technology does not allow [crypto] transactions to be cancelled, making it impossible to return the lost funds,” Yakovlev explained.
“This solution will be applied to funds already operating on the [ITI Funds] platform, and will be available to all portfolio managers in the near future,” he said.
ITI Funds, a subsidiary of Moscow-based private equity company Da Vinci Capital, brings together more than ten funds, including a cryptocurrency index fund, traditional exchange-traded funds (ETFs), private equity funds, and a distressed assets fund.
Cracc is a digital asset storage and management company based in Moscow’s Skolkovo science and technology park.
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