Key Takeaways
- Tailored Approval Policies: The updated policy engine for GK8’s digital asset custody platform allows institutions to set their own rules and policies at any level they wish, giving them complete control over their assets.
- Increased Flexibility and Granularity: The policy engine provides crucial granularity for large financial institutions, enabling them to align their workflows with their business logic and meet regulatory requirements.
- Unhackable Security: GK8’s solution includes a Cold Vault and a patented MPC vault for ultimate security, providing institutions with insurance coverage of up to $1 billion.
- Automated Transactions and Workflows: With the policy engine, institutions can automate transactions, approvals, and crucial workflows, ensuring consistency and control over their digital assets.
Even though there is an influx of financial institutions moving to digital asset self-custody, handling digital assets is still considered too complex and some prefer to stick with their convenient and familiar fiat. Now, institutions can self-custody and control their digital assets just like they would with fiat, thanks to GK8’s updated policy engine, providing crucial granularity.
GK8, a leading institutional-grade digital asset custody platform with support for DeFi, staking, NFT, trading, and tokenization, has updated its policy engine. The updated policy engine allows financial institutions to tailor their approval policies and procedures to their specific business logic, while retaining complete control over their private keys.
The policy engine provides the crucial granularity necessary for large, global institutions to implement and adapt systems to their internal policies.
One of the major challenges for financial institutions is adapting systems to their internal policies and business logic. This process can be time-consuming and resource-intensive, and often requires significant changes to system functionalities. In addition, most custody solutions lack the flexibility and granularity necessary to align with the organizations’ business logic and meet regulatory requirements.
Lior Lamesh, CEO and Co-Founder of GK8, emphasizes the importance of a policy engine for custody solutions, stating that it allows institutions to automate transactions, approvals, and crucial workflows while maintaining the highest level of security.
With the updated policy engine, GK8’s digital asset custody platform offers financial institutions the ability to set their own rules and policies, with any level of granularity, to support and enhance their decision-making processes.
The policy engine is stored offline for added security, and any changes to the policy require a series of approvals from predetermined quorums.
GK8’s solution includes an unhackable Cold Vault and a patented MPC vault for a regulation-ready solution.
The Cold Vault features an insurance policy of up to $1 billion and the company claims that it is the only solution on the market that can create, sign, and send blockchain transactions without receiving input from the internet, providing unparalleled security against cyber threats.
The Cold Vault is paired with a high-performance MPC wallet for high-frequency transactions.
The platform also supports the secure tokenization of traditional assets, and offers general support for all Ethereum Virtual Machine-compatible layer-1 blockchains, as well as instant access to all layer-2 smart contracts on supported chains.
In conclusion, the policy engine is a crucial aspect of GK8’s digital asset custody platform, empowering institutions to tailor approval policies and rules, while providing the highest degree of security, consistency, governance, and control.
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