Aegis Custody and Residual Token, Inc. Partner for Institutional DeFi
Residual Token, Inc. ($eRSDL) is proud to announce it has partnered with Aegis Custody to create a U.S. institutional safe harbor in the open ocean of #DeFI. This unique relationship solves the problem of U.S. institutional adoption, custody-related safety concerns and costs of capital in uncertain times.
Residual Token x Aegis Custody
While ReserveLending+, Residual’s flagship institutional peer-to-peer crypto lending software is non-custodial, there is a nano second of activity that occurs when the borrower draws funds from the liquidity pool which could be considered a form of custody. Aegis will occupy a multi-sig position in the smart contract governing the pool, and therefore, prevent any adulteration of the contract. Certain changes, like settings or the white-listing of wallets, will be approved only upon observing that Residual Token management followed its change control process. As a result, users can rest assure that no unwarranted software changes will occur and the main attack vector will be defended better than any alternative we’ve seen in the marketplace.
“From our first conversations, we recognized that Aegis is special,” said CEO of Residual Token, Howard Krieger, “We are grateful that the Aegis Custody team took the time to understand our needs and craft an arrangement that creates, in our opinion, a best in class method for safe, U.S.-based company pool-to-peer lending.”
Residual Token is focused on allowing creating P2P solutions for U.S.-based, institutional clients. By partnering with Aegis, we also get another set of eyeballs on the wallets connecting and activity flowing through the pipes. And, as we stated in NextBank partnership announcement, all users are doxxed and in the unlikely event of activity inconsistent with its usage agreement, we can suspend access.
Residual Token scans and monitors the white-listed institutional wallets as an onboarding step, so that the membership at the wallet level is also curated for the safest customer proposition available. In addition, Residual Token is FinCEN registered, while actively monitoring activity on behalf of the relationship and report based on its standing AML/BSA policies.
With this partnership, a multi-party, independent security feature is made available for a non-custodial DeFI product in the U.S. for the first time.
Serra Wei, founder and CEO of Aegis Custody, aimed for her startup to become the go-to digital asset custodian in the U.S, Hong Kong and Singapore. “DeFi enables asset transactions to become frictionless. Moreover, assets are made more liquid on blockchain,” she said.
Aegis Custody utilizes smart contracts, which are blockchain-based digital records of any transaction. Any information related to ownership rights, obligations, and entitlement to cash flows is stored and traceable on the Ethereum public blockchain network.
The main type of customers at Aegis Custody are institutional clients , many of which are seeking investment opportunities through decentralized finance. DeFi allows businesses to expand their investment portfolio while also making the process time-saving and secure.
The combined talents and vision of these two companies will impact U.S. institutional DeFI and crypto adoption. Both parties agree that using a common sense approach, that takes advantage of the best elements of smart-contract software, barriers to entry will be lowered. Businesses who up until now had very little use for their bitcoin, ethereum or stablecoin, can “Be the Bank” in a safe, and curated environment.
About Residual Token, Inc. dba unFederalReserve
In business since 2018, Residual’s team of former bankers, technologists and compliance professionals have been exploring ways to make crypto lending and borrowing markets safer and traditional markets more efficient. They currently have in development a handful of blockchain-based software available for license. Its flagship product, ReserveLending, allows permissionless access to crypto holders so that they can deposit, earn and borrow top digital assets safely, easily and effectively for cash management, hedging or speculative purposes.
About Aegis Custody
Founded in 2018, Aegis Custody operates under the same regulatory frameworks as banks and trust companies. The company supports 4000+ cryptos, 14+ staking protocols and compliance-approved multi-sig wallet for DeFi platforms, all under a regulated custodial structure.
This press release includes “forward-looking statements” within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties related to our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue as a going concern; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a significant material adverse impact on the travel industry and our business, operating results and liquidity; amounts owed to us by third parties which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness which are secured by substantially all of our assets and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term travel business success depends, in part, on our ability to expand our property owner, manager and traveler bases outside of the United States and, as a result, our travel business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving ALR, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of, Residual Token, Inc. dba unFederalReserve; the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm our business; the volatility of our stock price; risks associated with the integration of the operations of Aegis Custody; the fact that we may be subject to liability for the activities of our property owners and managers, which could harm our reputation and increase our operating costs; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.