Cobo launches a new custody product to manage all the NFTs on one platform

by James · September 15, 2022

Cobo launching new software, NaaS (NFT-as-a-Service), which allows users and institutions to enjoy secure yet efficient storage and custody of NFT assets, multi-role access and the ability to connect to marketplaces for trading NFTs.

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The NFT boom

Since NFT Summer 2021, NFTs have become one of the important asset allocation categories among institutions such as marketplaces and Web3 funds that invest in blue-chip NFTs or DAOs. Today, large brands and companies such as e.g Nike, TIME Magazine, Adidas and Prada are jumping into NFTs, and collectors and institutions are increasing their collection of NFTs from all different blockchain platforms. To safely store and manage all these NFT funds across different wallets, NFT holders need a secure and flexible custody solution.

Cobo NaaS now supports NFT custody, fulfilling the needs of our users for a one-stop-shop custody solution that supports a variety of digital assets. The platform currently supports the Ethereum chain and certain whitelisted NFTs on EVM-compatible chains such as art, design and collectibles, and is rapidly developing support for other chains and NFT categories.

Seamless integration to platforms

Institutions can connect MetaMask Institutional via Cobo’s web interface, or simply use the Cobo Custody NFT API to interact with the underlying NFT contracts to gain full NaaS functionality while retaining the front-end interface. It is currently the only platform in the market that allows an institution to define access controls among users and write granular risk control strategies to improve overall workflow efficiency.

“It only makes sense to have all-in-one management and custody platform for all your NFT assets. We aim to make Cobo NaaS the only wallet that users need to manage all their NFT transactions by focusing on the ease of use of the platform and the flexibility of the controls. said Discus Fish, co-founder and CEO of Cobo.

Users will be able to create and connect multiple wallets within seconds, check traceable transaction data where all relevant transactions and price history for NFT, and seamlessly participate in NFT minting, shelving, trading and receiving airdrops, asset transfers, collateral, full NFT management services, etc.

On top of that, Cobo NaaS is also backed by the full security of Cobo custody’s industry-leading security technologies.

Multi-Role Access for Multi-Collaboration

Having a platform where everyone has full access to all assets can lead to inefficiencies and potential points of failure. Cases of embezzlement, money laundering, misappropriation of funds, etc. often occur when a single entity has control over all the assets.

To minimize the likelihood of occupational risk, creators using the Cobo NaaS platform will be able to delegate the auditor and operator roles to their users. Operators will be able to execute transactions while auditors will approve the same transactions. By requiring one or more auditors to approve transactions, it creates a multi-signature security system to deter any single point of failure.

Flexible strategy for better risk control

The ease of use and flexibility of a protocol are becoming increasingly important as new technologies are introduced to the platforms. Protocols must be able to adapt and accommodate the needs of users so that their products or services can be fully utilized.

Cobo NaaS allows creators to set up whitelists of contract addresses and their interaction rules between users. This limits users to only being able to interact with contract addresses on the whitelist and will require the consent of one or more auditors if they intend to interact with contract addresses outside the whitelist. From there, creators will be able to set the review rules for each transaction, such as creating a whitelist of wallets or contract addresses that operators can interact with or adjusting USD thresholds for trading limits.

In addition, users can also use advanced filtering to sort transactions by NFT, wallets, coins, operators, date range, etc., which allows you to easily find any transaction and generate detailed reports with one click.

The future of NFT Custody

Apart from the increase in big brands jumping into NFTs, the employment landscape is changing due to the increase in the use of blockchain technology and digital transformation. There is already a growth in the number of people working in the crypto sector. To adapt to the influx of new teams and workers, protocols need a proper custody management system.

“Digital asset custody is the gateway to institutional use of crypto. Yet it is still at an early stage. Many of the underlying blockchain technologies are still in rapid development, and the products and services required for a digital asset manager are also changing very quickly. Breakthroughs in these the innovations will play a major role in mass institutional use of digital assets.” said Changhao Jiang, co-founder and CTO of Cobo.

Having a secure and smooth workflow in a protocol encourages greater efficiency in a protocol. With asset security, full-suite features, and the ability to customize interfaces, Cobo NaaS users can enjoy secure yet efficient storage and custody of NFT assets, multi-role access, and the ability to connect to marketplaces for trading NFTs.

About Cobo

Cobo is Asia’s largest digital asset provider and blockchain technology provider, based in Singapore. Trusted by over 300 institutions and HNWIs to grow and protect their crypto assets, the company focuses on building scalable infrastructure and driving the Web 3.0 revolution around the world. Its proprietary DeFi asset management services crossed the 1.5B AuM mark and achieved a unique risk-to-reward profile that rivals top hedge funds – without overexposure to headwinds. As a strong blockchain and DeFi infrastructure builder, Cobo offers software-as-a-service products WaaS (Wallet), Daas (DeFi), NaaS (NFT Minting) and StaaS (Staking).

Among other projects, Cobo’s incubator arm also enriches the DeFi ecosystem through its investments in early stage innovative and promising DeFi projects. The respected security team also makes regular appearances in the crypto community for its contribution to protecting the crypto ecosystem and patching protocol vulnerabilities.

To learn more about Cobo’s NaaS, get in touch [email protected]