Crypto Startup Torus Raises Funding from Multicoin, Binance and Coinbase
Torus, a startup that develops private key management solutions, closed fundraising round at $ 2 million, writes CoinDesk. The campaign headed fund Multicoin Capital, and among her other participants were Coinbase Ventures, Sixth Horizon, Accomplice, Terminal and Binance Labs – the last invested $ 500 000.
By words Multicoin partner Kaila Samani, Torus solves “one of the most critical issues slowing down the spread of web3” – managing private and public keys.
In an effort to avoid additional complications, many users cryptocurrencies shift the function of managing keys to third-party services, for example exchanges. Those, but, time from time to time exposed to hacker attacks, due to which users incur multi-million dollar losses.
“When we wanted to introduce their friends to the cryptocurrency ecosystem, they really liked the idea of decentralization, – stated CEO Torus Zhen Yu Yong. – But it was not easy for them to start using decentralized applications and interact with blockchains. They had to figure it out with many complex concepts, eg with private and public keys. We wanted spare new users from Total of this“.
Torus provides decision on key management, in which critical information is split across multiple servers using the sharding method, which additionally complicates the hackers’ task. The startup claims that him tools can be mastered by anyone who has experience of interacting with applications web2 like Google and Facebook.
Torus originally received funding from Binance Labs in September. The project launched a beta testnet for users Ethereum earlier in this year and in present time working on creating tools for other major blockchains including Tron and EOS.