The following is an interview we recently had with Alex Batlin, founder and CEO of Trustology.
Alex is an entrepreneur with extensive banking and blockchain experience.
Previously, at BNY Mellon, Alex was Blockchain Lead and founding head of Emerging Business & Technology team. At UBS, Alex was founding head of a blockchain-focused FinTech Innovation Lab in UK’s Level 39 accelerator. Alex co-founded Utility Settlement Coin, Enterprise Ethereum Alliance and Trusted IoT consortias, and was featured in the 2015 FinTech Finance35 and 2016 FinTech 40 lists.
1. What’s the story behind Trustology? Why and how did you begin?
AB: We believe that cryptoassets are going to provide new wealth creation opportunities for everyone, and we want to help drive the world towards that.
Blockchain reduces the cost of trust for financial transactions. And, once you reduce the cost of trust, you increase the velocity of trade and transactions, and you are able to provide support for more niche, underserved use cases – the use cases that have previously been considered too expensive to get into.
You make it easier for people to participate in the ecosystem and to create greater wealth. It’s about creating wealth for everyone, especially those underserved by conventional systems. In short, we need to make sure we’ve got the basics in place. To use cryptocurrency, you need to be able to see your account, send and receive transactions and assets and manage your money.
Trustology’s vision is to create the most compelling cryptoassets company of the 21st century by driving the world’s transition to cryptoassets, in the belief that their use will pioneer new ways to create greater wealth.
Trustology was founded in November 2017 as a ConsenSys spoke. Its seed round in December 2018 was led by Two Sigma Ventures. Both investors are on the board of directors.
2. What problem do you solve for customers?
AB: Trustology’s first focus has been to secure cryptoassets, by safeguarding assets’ private keys with our TrustVault platform technology for individuals and businesses. We provide custodial wallet solutions that are designed to address the security and ownership shortcomings of existing crypto custody solutions, hardware wallets, and cold storage options. Meanwhile, we also provide the same level of speed, flexibility, and access that the clients have come to expect from traditional assets and account services. After all, if your private keys are not kept super secure, then your assets are at risk.
3. How do you see the crypto space evolving over the next five years?
AB: I do in fact think we’re starting to see increased demand for crypto wallets to take on more of a utility role – as users start to explore additional facets of financial services such as investing, borrowing and lending.
4. Where will Trustology be in five years?
AB: What the browser is to the Internet and what the bank is to traditional finance is what the wallet will become to the blockchain, and to the future of finance. In order to get people to embrace and adopt, you have to deliver on the fundamentals such as security, easy access, convenience and speed combined with education. People still don’t always realise the full potential of crypto assets and blockchain technology – so the more we can help with enhancing their understanding, the more likely they’ll adopt as we will have established trust.
In five years time, we want people to think of Trustology as the equivalent of a web browser for the blockchain. There are a few out there at present, but we wanted to create a solution that is at a higher level, removing all the previous compromises – one that’s super secure, super easy to use and very fast. So, we have a custodial wallet platform with an adaptable end-user experience.