July 27, 2023
Extending custody support to any token on any network … really
With Dinara, crypto startups and VCs can now find a custody partner built to support all of their assets, regardless of blockchain network, market cap, or liquidity.

We are very excited to share that Dinara now provides custody support for any token on any network. Seriously.

Dinara makes business banking services for crypto companies simple, secure, and seamless, regardless of the assets for which you need support. As digital assets continue to proliferate and business models are built around them, crypto teams will increasingly find themselves managing a variety of assets, across a variety of blockchain networks.

When we launched our closed alpha in late 2022, we already offered broader and quicker asset coverage than any major custodian in crypto, backed by an aspiration to support any token launched on a major layer-1 or layer-2 blockchain within 48 hours.

We have now extended our custody solution to deliver the same MPC security, multi-sig functionality, and clean UI for any token, on any network, regardless of market cap or liquidity. New or niche blockchains can expect support in as little as a week, and any tokens launched on top of them can be made available within 48 hours.

The business decision to transact with a given asset is one your team should make, not your custodian or banking services partner. As digital assets become part of the mainstream financial system, more blockchain networks will be created, and many more tokens will launch and real world assets will be tokenized. As such, business operations will suffer numerous constraints if faced with custody limitations.

Our mission at Dinara has always been to simplify how crypto companies and VCs manage and transact with digital assets, and this new feature is just one example of how we can deliver on that.

A security-first approach to making crypto asset custody accessible

How are we able to do this? The short answer: with a team of developers who have extensive cryptography, cybersecurity, and enterprise solutioning experience. 

We have built our own hardware solution that leverages multi-party computation and is configurable for any blockchain network. The private keys for this solution default to being treated as cold storage. 

Despite this, assets that require this custody solution are still readily available in your organization’s UI. And while there are additional security measures needed to move these assets, they will be available for transacting on an as-needed basis, similar to other assets on our platform.

And then the zero-dollar question: is there an additional cost to this? No. We have been building our custody solution with this approach to asset coverage from day one.

We are happy to share more on our technical approach and security measures with anyone interested in opening an account.

Comprehensive custody support opens up growth opportunities and drives down operational inefficiencies

Fragmented custody support requires teams to manage multiple custodian counterparties and self-custody wallets. Not only does this introduce infosec risk and operational headaches, it can limit a business’s ability to scale optimally. 

  • If a customer or partner wants to pay your team in their native token, your ability to receive that asset is dependent on finding an accommodating custody solution. 
  • If your team is building omnichain products, limiting your reach because of ‘custody support’ isn’t acceptable. Your focus should be on building the best and most secure product possible, not scouring the globe and cutting corners to find a supportive provider.
  • If you’re a venture capital firm, taking custody of vested tokens from project investments is core to your operations; today, many of these firms are asking their portfolio founders to hold their tokens on their behalf, introducing an audit nightmare and potentially massive legal and security risks. 

Similar to how it once seemed prohibitively challenging to make cross-border and cross-currency payments, it will seem archaic that a company's operations were once limited to a handful of network rails and assets considered 'mainstream enough.'

Dinara is already solving this for customers

The decision to introduce this new custody solution was driven by increasing demand from clients who want secure asset storage for tokens unsupported by other platforms. With Dinara, the assets will be seamlessly integrated into the platform’s user interface, providing clients with a unified experience across all supported assets.

In an immediate validation of this release, we have already added support for several layer-1 networks that clients could not find support for elsewhere, including the Mina, Klaytn, and Sui protocols, in addition to a number of long-tail tokens launched on major layer-1s. We have since identified several other blockchains that existing customers need support for, and will begin development for those as needed.

If you are managing assets unsupported by other custodians, come test our claim that we can custody any token on any network – we’d love to support you.

To learn more, reach out to sales@dinara.com and follow us on Twitter @dinaratech for product updates!

Read more about the launch of our enhanced custody solution in our press release here and on Mirror.

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