What is atato Custody's BYOC: Bring Your Own Chain feature?
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atato Custody Solutions for Web3 SMEs
From central banks to VCs, to hedge funds and plucky startups of five people – digital assets are becoming an imperative for every forward-looking business. Thus, it makes sense that as digital assets proliferate, so does the need for individuals and businesses to have a secure and adaptable custody solution to navigate these shifting sands. Enter atato Custody, which has emerged as a beacon of trust and innovation in the realm of institutional-grade digital asset custody solutions. Designed with Web3 Small and Medium Enterprises (SMEs), venture capitalists, and institutions in mind, atato Custody offers a robust platform that combines security, accessibility, cost-effectiveness and innovation by way features such as Bring Your Own Chain, Bring Your Own Token, and more.
Introducing atato Custody
Established in 2017, atato Custody has set out to deliver institutional-grade digital asset custody solutions to Web3 SMEs, venture capitalists, and institutions. Secured by cutting-edge multi-party computation, atato Custody has garnered the trust and support of prominent venture capital firms such as Alpha Lab Capital, NGC, SOSV, and others.
atato Custody, as its name suggests, focuses on securing digital assets efficiently and transparently. What sets it apart is its outstanding adherence to compliance and licensing, ensuring that businesses can navigate the complex regulatory landscape while securely storing and managing digital assets. This compliance guarantee differentiates atato Custody from many of its counterparts, which operate under a self-custody model, leaving regulatory responsibilities in the hands of the users.
Cost-Effective custody solution - No AUC fees
Cost-effectiveness is another hallmark of atato Custody. Unlike some other custodial solutions, which structure their pricing with transaction and withdrawal fees, atato offers unlimited wallet creations at a fixed price with no Assets Under Custody (AUC) fees. This affordability is particularly advantageous for Web3 SMEs looking to scale their crypto operations without incurring hefty fees that could strain their resources.
Diverse Wallet Solutions with Uncompromising Security
atato Custody doesn’t just offer a one-size-fits-all solution. Instead, they provide a range of wallet options to accommodate the unique needs of different operations. The core principle, however, is security and agility. atato’s WalletConnect feature enables users to engage with dApps on any chain via atato custody. What’s more, the platform’s Multi-Party Computation Technology (MPC) ensures that the atato wallet can mitigate and greatly reduce the risk of hacking. This security feature works by dividing the private key into several shards, ensuring that no single entity has access to the complete key, thereby preventing a single point of failure. In addition, atato takes charge of disaster recovery processes and technologies, offering a level of security that surpasses self-custody frameworks, where the crypto ustodian takes care of security matters.
Bridging Ecosystems with BYOC feature
As the digital asset landscape continues to diversify, it’s essential for users to secure their tokens across multiple chains and ecosystems efficiently. The rise of various Layer-1s, Layer-2s, and Subnets across ecosystems has fueled the demand for secure cross-chain management. Atato Custody’s “Bring Your Own Chain” (BYOC) feature is the answer to this growing need.
BYOC in Action
atato Custody ensures that any project, VC, or institution can extend support for any chain and token within a single click. This capability was previously unattainable but has become increasingly essential as the digital asset ecosystem expands. BYOC simplifies cross-chain transactions, enabling users to manage and secure assets with ease. This transformative feature offers several advantages:
- Convenience: Users can manage and secure assets across different chains seamlessly.
- Accessibility: Cross-chain transactions, treasury management, and treasury ops are simplified.
- Real Experiences: To provide users with practical insights, atato offers a detailed demo and informative screenshots:
Guillaume Le Saint, Co-Founder at atato, underscores the importance of BYOC by highlighting the growing demand for users to secure their tokens across various chains and networks:
Comparative Analysis of custody solutions
To help users make informed choices, it’s essential to compare atato Custody with similar solutions available in the market. This section will provide a comparative analysis of atato with some other custodial platforms, highlighting the pros and cons of each.
atato Custody vs. Fireblocks
One area where atato Custody significantly stands out is its emphasis on regulatory compliance and licensing. For businesses operating in strictly regulated environments, partnering with a custodial solution that ensures adherence to legal requirements is of utmost importance. atato’s compliance is underscored by the firm’s SOC Type 2, ISO20071, and HKTrust compliance certificates. In contrast, Fireblocks operates under a self-custody model, which does not provide the same level of compliance assurance. Enterprises operating in regulated industries may need to implement additional compliance measures, such as CCPA and GDPR. Operating through a blockchain generally makes adherence in these areas much more fluid than traditional tech businesses, but some businesses may still require digital assets custody licence to use a Fireblocks solution.
atato Custody vs. Copper Custody
Copper Custody offers Proxy Wallets, a feature designed to streamline transaction tracking across multiple blockchains, simplifying the monitoring of customer transactions. However, a key distinction arises when we compare this with atato. Copper Custody may have associated gas fees with transactions, which can accumulate and impact the cash flow of businesses, particularly those frequently engaged in blockchain transactions. In contrast, atato Custody does not charge transaction fees, making transactions cost-effective. Additionally, Copper Custody offers centralized management of gas fees and a “Dust Collector” tool to consolidate minor transactions for optimising efficiency. atato Custody stands out for offering a seamless experience without transaction and withdrawal fees, making it an appealing choice for startups, SMEs, and VCs looking to minimize operational costs.
Notifications and Reporting
Copper Custody offers advanced notification configurations through webhook notifications, enhancing transparency. In contrast, atato Custody provides an in-built block explorer feature, allowing treasury managers to check any transaction on any chain without having to exit the application. This feature streamlines the process of verifying transactions and enhances overall convenience.
Copper Custody enables users to create accounts across a wide array of over 40 supported blockchains. This extensive support ensures effective management of various digital assets. However, as mentioned earlier, atato Custody also offers multi-chain support through its “Bring Your Own Chain” feature. This feature can significantly save companies valuable resources when it comes to custody. It eliminates the need for businesses to allocate developer time or hire third-party services for implementing support for smaller chains. atato’s BYOC solution facilitates a multi-chain environment, allowing users to secure and store any cryptocurrency on different blockchains, including Bitcoin, EVM blockchains, and non-EVM chains. This feature simplifies cross-chain operations, enabling firms to efficiently manage and secure digital assets through a unified and user-friendly interface.
atato Custody vs. Cobo
Cobo Custodial Wallet employs a 3-tier (Hot-Warm-Cold) private key storage architecture, with a majority of funds (95%) stored in cold wallets. These wallets are fortified by offline key shards distributed across global locations, enhancing security. For faster transactions, hot wallets are protected by bank-grade HSM, SGX, risk policies, and Cobo Auth, ensuring a high level of security and transaction integrity.
Role-based Access Control and Custom Workflows
Cobo Custody provides role-based access control and customizable workflows tailored to your institution’s scale and needs. This allows the segregation of user privileges effectively, with a customizable workflow engine and transaction approval process that can apply governance policies, all secured by Cobo Auth for multi-role and multi-level authentication.
atato Custody also incorporates role-based access controls via its approvers and agents functionality. Approvers, which can be a user with a smartphone or atato’s system for automated approvals, play a critical role in approving operations on a wallet. The hybrid approach to approvers, involving both Atato-operated and user-owned approvers, ensures robust security for atato Custody wallets.
Our Vision for the Future
As the digital asset landscape continues to evolve, atato Custody remains committed to securing the crypto world. With its focus on regulatory compliance, cost-effectiveness, and innovative features like “Bring Your Own Chain”, atato Custody aims to bring the next-generation infrastructure to the future 100 million cryptocurrency users. The BYOC service is a significant step in this direction, as it addresses the challenges of an ever-expanding ecosystem.
In conclusion, atato Custody’s BYOC feature and its commitment to security, compliance, and cost-effectiveness make it a standout choice for Web3 SMEs, venture capitalists, and institutions seeking to secure and manage their digital assets in the ever-changing world of cryptocurrencies.