Security is one of the major issues that financial institutions care about. Security holes result in huge problems in data protection. Due to stolen data, individuals can face really big issues in their accounts. Blockchain technology gives us a significant opportunity to cope with security gaps. Using this technology, data protection concerns seem to be handled. Our startup spotlight guest this week is xKey, which offers a pretty cool SaaS technology for digital asset security. One of the co-founders Chris des Fontaines told us about their journey.
CyberSecurity, Blockchain, Fintech, and Enterprise SaaS
Xkey builds pure SaaS technology for digital asset security. It's a safe, cloud-native custody platform as a service that helps financial institutions—from startups to Tier-1 banks—transition to digital assets.
Clarisse Hagège, CEO. Ex SciencesPo, Dauphine, Sorbonne, NYU. 10 years of Investment Banking at CA-CIB, BAML & Goldman Sachs. Coverage Banking, Trade Finance, Chief of Staff.Bernhard Borges, CTO. PhD, MBA. Ex SFU, Max Planck Institute. 15 years of applied cryptography at IBM, PwC, and Dock Systems. Experience in decentralized systems, service architectures & IoT.Chris des Fontaines, COO. Management at Dauphine. 10 years of Entrepreneurship as a C-level for startups. Founded a SportsTech SaaS, a talent recruitment platform & a Tiktok for pros.Steven Pattison, CCSO. Computational Physics at Penn State. Expertise in data privacy & standardization initiatives (GDPR, CCPA, SSI, VCDM). Ex Dock Systems, Codex Worlds.
Last year, Clarisse purchased IOV tokens during their ICO. She was completely confused by the hardship surrounding private key management. It was virtually super easy to lose the €20k she'd bought. So she looked into it and discovered that billions of dollars had been lost since 2010. This struck her as the biggest hurdle to blockchain mass adoption.As she investigated all the available custodial stacks for cryptocurrencies, she met the founder of Zengo at Blockchain Week in Berlin who told her about TSS (Threshold Signature Scheme). Though some companies had started exploiting the primitive, she realized they were using it in a very limiting way. Following that week, she wrote an article on Medium about how digital asset mass adoption could only happen if an institution-grade security infrastructure was built for institutions. To her surprise, she was invited by AXA Insurance to pitch her idea. The meeting went so well that she came out of it resigning from the Investment Banking job she had for 10 years to start building Xkey. As we see it today, we're solving a billion-person problem if we can enable the digital asset market by providing unquestionable security.
The next 12 mo will be dedicated to (1) reach PMF by iterating the product and becoming RC-ready in September 2021, (2) make revenue asap, (3) get all compliance certifications in the EU and the US, and (4) be able to compete on all major RFPs as the fastest market share winner.Within 5 years, Xkey aims to be the Stripe of digital asset security, the financial world’s #1 security service provider.
Self-funding. €30k so far.
Phantombuster, because of their product iteration speed and execution quality. They've outcompeted Apify by pure WoM. Zero ads.Algolia, because they've discretely provided all the search bars of the internet (except Google's) without making a big deal out of it.Multis, because the CEO is an awesome YC-backed French founder who's decided to create a crypto-first bank from scratch. And because he's one of our first clients!
November 10, 2020