At the recent Consensus conference, I had the pleasure of sitting down with Haden Patrick from Cordial Systems. Haden shed light on Cordial Treasury, the company’s main product, designed to give institutions robust control over their digital assets. Here’s a deep dive into our conversation and the innovative solutions Cordial Systems is bringing to the market.
The Genesis of Cordial Treasury
Haden explained that Cordial Treasury was born out of a clear need among institutions for enhanced control over digital assets. “Most institutions today rely on SaaS and MPC-based providers,” he said. “While these solutions have strong security protocols, they involve third-party dependencies. We evolved to eliminate that dependency and ensure full software sovereignty.”
The Core: Private Key Management
At the heart of Cordial Treasury is private key management. Haden emphasized the importance of responsible usage of private keys, which store significant amounts of value. “Imagine you and I work for a company that holds 100 Bitcoin in a private key. You want to use it, I want to use it, but we need policies to ensure neither of us can move funds without mutual consent.”
Cordial Treasury offers a customizable platform that can be integrated within a company’s infrastructure. It provides API access and user interfaces that operate within a company’s firewall, allowing complete control over policy creation, consent flows, and transaction approvals.
Target Audience and Flexibility
Haden mentioned that while their ideal client is an institutional-sized team, their solution is suitable for any organization with more than one person. “As soon as you initiate a company dealing with digital assets, you need a process to prevent mishandling. Our MPC technology creates encrypted shares of keys, enhancing security and preventing unauthorized access.”
He shared an example of Jump Trading, a significant client that uses Cordial Treasury to manage operations across different regions. “Our product has been battle-tested for two years with them, proving its reliability and effectiveness.”
Seamless Integration and Scalability
Cordial Treasury allows for gradual onboarding, ensuring a smooth transition from existing custody solutions. “You can start using our technology and gradually integrate it until you’re ready to fully transition, without any disruptive cliffs,” Haden said.
The platform’s modular design supports both cloud and hardware deployments, adaptable to an organization’s security needs. It uses the Cosmos SDK to create a private blockchain for each client, ensuring robust transaction validation and policy enforcement through a consensus mechanism.
Overcoming Challenges
Haden identified the main challenge as ensuring potential clients understand the technology and feel confident in its implementation. “Talking to the right people is crucial. Whenever we do, we receive positive responses about the need for our solution and the friction it eliminates compared to other SaaS-based MPC entities.”
A Promising Future
Cordial Systems is actively engaging with exchanges and investment entities through demos and educational sessions, showcasing the ease of use and benefits of their platform. “Our CTO recently demonstrated a seamless transition into a new environment in just a few hours,” Haden noted, highlighting the efficiency of their installation process.
The Core Message
To sum up, Haden stated, “If you’re nervous about the risks involved with managing your digital assets, we provide a solution that offers full sovereignty over all aspects of your transactions, including policy generation, user management, disaster recovery, and audit logs. Regulators and investors alike appreciate the transparency and security our platform offers.”
Cordial Systems invites interested parties to explore their solutions without any commitment, ensuring that potential clients can see the value firsthand.
Conclusion
Cordial Systems, through Cordial Treasury, is pioneering a new era of digital asset management. By providing full control and eliminating third-party dependencies, they offer a secure, flexible, and efficient solution for institutions looking to safeguard their digital assets. With a clear focus on client needs and an adaptable, robust platform, Cordial Systems is set to make a significant impact in the digital asset space.
