Mt Pelerin partners with ID Quantique

June 4th 2019

Mt Pelerin, the Swiss leader in blockchain banking and finance, announced today that the company is partnering with ID Quantique (IDQ), the world leader in quantum-safe security solutions, to develop the first quantum-based solution for the secured storage of crypto assets: the Quantum Vault.

The wave of blockchain-based digitalization of financial assets is gaining momentum and starting to enter the focus of traditional banks and financial organizations. However, today there is a lack of institutional-grade security solutions for digital asset custody (DAC). This is a major technological concern for institutions like banks, custodians, prime brokers or any other corporations dealing with cryptocurrencies or tokenized assets.

To address this need, Mt Pelerin and ID Quantique announced today a partnership to combine their expertise. This collaboration aims at providing state-of-the-art, bank-grade secure digital asset custody by adding an extra layer of quantum technologies on top of conventional custody solution.

"Mt Pelerin embraces an open and inclusive approach to expanding the possibilities for global cryptofinance" said Grégoire Ribordy, Founder and CEO of ID Quantique. "We look forward to collaborating with Mt Pelerin to provide a new highly secured solution for the storage of crypto assets."

"We are thrilled to join forces with ID Quantique in the cutting-edge domain of crypto storage" said Arnaud Salomon, Founder and CEO of Mt Pelerin. "With our highly complementary knowledge, the fruits of this partnership will contribute to push tokenized finance forward."

This proposition combines hardware and software components, including: Quantum Random Number Generators (QRNG) to provide true entropy for key generation; Secret Sharing Scheme (SSS) and specific Key management software for a secure backup with no asset duplication; and optical fiber infrastructure protected by Quantum Key Distribution (QKD, Quantum Cryptography) for assets storage on distributed Hardware Security Modules (HSM).

The Quantum Vault solution is suitable for any type of crypto assets, on any blockchain. It solves both issues of backup and storage: it is temperature agnostic (transfer from cold to hot storage in a split second) and it allows for asset backup without private keys duplication. It is available with existing and reliable technology from ID Quantique including commercial QRNG, commercial QKD systems and a layer of software developed by Mt Pelerin. By combining several cryptosystems (QKD, one-time pad, secret sharing schemes) the Quantum Vault is “Information-Theoretically Secure” (ITS), meaning that according to information theory, such a system cannot be hacked by an external adversary even with unlimited computing power.

Mt Pelerin plans to integrate the solution in the blockchain banking system that it is developing, in order to provide its customers with the most secure digital asset custody system possible. The partners also plan to implement it as a high-end turnkey solution for global custodians, prime brokers, crypto vaults, crypto exchanges and other institutional corporations for which the secure storage of digital assets is a vital requirement.