Torch Blockchain Startup Raises $ 2 Million from Binance, Coinbase and Multicoin Capital

Specializing in private key management solutions, Torus raised $ 2 million seed investment.

We're excited to announce our $ 2 million raise with @multicoincap , @BinanceLabs , @coinbase , @Accomplices , Sixth Horizon, and Decentralized Ecosystem! https://t.co/Gq8hQ3ycBm

– Torus (@TorusLabs) 9 linis 2019 r.

The round of financing was led by the American cryptocurrency fund Multicoin Capital. Coinbase Ventures, Sixth Horizon, Accomplice, Terminal and Binance Labs contributed to the project. It is known that the latter invested $ 500 thousand in Torus.

According to Kyle Samani of Multicoin Capital, Torus solves "one of the most critical issues slowing Web 3.0 adoption" – effective management of public and private keys.

For example, hoping to simplify their lives, many users trust the storage of funds to third-party services. However, the latter are subject to hacking, because of which users suffer huge losses, which also negatively affects the reputation of the young industry.

“When we introduced the cryptocurrency system to our friends, they were simply amazed at the concept of decentralization ,” says Torus CEO Zhen Yu Yong. “ However, it was not easy for them to start using dApps and interact with the blockchain. Friends had to master many complex concepts, including those related to public and private keys. We tried to distract from all this by providing users with a simple, safe and thoughtful solution. ”

Torus offers a key management solution in which critical data is split among multiple servers using sharding technology. This approach, the developers believe, greatly complicates the life of hackers, since it is not so easy to recreate the private keys of users from a variety of separate fragments.

Representatives of Torus argue that the tools are so simple that they can be sorted out by anyone familiar with Google or Facebook.

The project team already managed last September to attract some funds from Binance Labs. Earlier this year, Torus launched a beta test network for Ethereum users. Currently, developers are creating tools for other large blockchain platforms, including Tron and EOS.

Previously, BlockchainJournal has published an interview with the strategic manager of the Casa startup, dealing with solutions for the protection of private keys.

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