Three Security Audits Confirm No Vulnerabilities For TrustToken Smart Contracts
TrustToken recently submitted their smart contract technology to three separate auditing companies to check for vulnerabilities. The crypto startup, supporting their TrueUSD stablecoin, recruited the help of Certik, SlowMist, and Zepplin. As of Wednesday, December 19th, the three auditing companies have confirmed that no vulnerabilities have been found in their code.
The requirement of a stablecoin is that it maintains the same 1:1 fiat currency-to-cryptocurrency rate, and it must be backed by an equivalent value in USD. To promote better security and reduce the risk of major losses, the USD backing is dispersed throughout several third-party trust companies. All of the selected companies fall under the regulation requirements of the State of Nevada Financial Institutions Division. However, TrustToken expressed their intent to work with trust companies regulated by the jurisdictions of other states too, like the Ohio Department of Commerce and the Delaware Office of the State Bank Commissioner.
With these companies holding the USD backing, there will be no risk of major loss, regardless of the issues that could arise for the institutions. Danny An, CEO and co-founder of TrustToken, commented that regulatory and compliance are priorities for the firm, adding,
“Over the past year, we have invested heavily in building asset tokenization technology that is not only critical for the cryptocurrency industry, but also equalizes the ability to trade worldwide, and gives people true control over their assets.”
In an unrelated move, the new director of engineering has been appointed – Hendra Tjahayadi. Tjahayadi previously worked as an engineer for DoorDash, and has experience with Lyft, Dropcam and Google.
Presently, the firm’s data reflects that the TrueUSD stablecoin has over $1.1 billion through their monthly trading volume. Market capitalization is at $200 million.