Cybersecurity Firm Cybavo Adds SLP Token Support to Its Wallet Management Platforms

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The SLP token ecosystem continues to grow rapidly as more companies adopt the token protocol. The latest to join this trend is Cybavo, a cybersecurity firm providing enterprise-level secure private key management for blockchain applications to some of the biggest exchanges in the world.

Also Read: SLP Token Market Cap Surpasses $50 Million

Cybavo Adds SLP Token Support

Cybersecurity firm Cybavo has recently announced the integration of SLP token support on its enterprise wallet management platforms Cybavo Vault and Cybavo Wallet SDK. The company explained that it has worked closely with Bitcoin.com to bring support for SLP tokens to its enterprise wallet system and the mobile wallet development kit. SLP tokens are already available on both platforms.

This means that Cybavo Vault Enterprise Wallet users can now create secure wallets for different SLP tokens. Users can associate these wallets with their BCH wallets, and they can define fully customizable policies for their SLP Wallets including transaction limits, address whitelist and multi-level approval chain. And of course they can use the wallets to send and receive SLP tokens. The company’s cryptocurrency custody platform is being used by more than 20 companies, including the top two cryptocurrency exchanges in Taiwan.

Paul Fan, CEO at Cybavo, stated that “One of the main points that is stopping broad adoption of cryptocurrency today is the complexity barrier and the lack of user-friendly solutions. SLP tokens allow companies and users to easily issue tokens on their own terms. Including SLP support into Cybavo products is a natural step in our mission to offer secure and user-friendly enterprise cryptocurrency wallets.”

Cybavo provides secure private key storage and management enterprise solutions for blockchain, including usable cryptocurrency custody platform and services for enterprise and financial institutions, such as cryptocurrency exchanges, digital asset managers or custodians. The company was founded in 2018 by a team of experts from cybersecurity, blockchain and digital currency industries. It also has developers and researchers with solid experience in the security and cryptocurrency fields.

The Growing SLP Ecosystem

Simple Ledger Protocol (or SLP) is an easy to use, robust and extensible token management system that allows anyone to create tokens on the Bitcoin Cash network in a permissionless way. It has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the ETH network. SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds, while costing users only fractions of a penny for each transaction. All transactions are recorded on chain, and custom token behavior can be defined using a bitcoin Script developing language.

SLP token adoption has grown rapidly during 2019. This is in part thanks to Bitcoin.com Exchange which has started listing SLP tokens for trading on its platform. These include assets such as Gocrypto’s GOC, a token that enables online or physical merchants to accept crypto payments and receive settlement in their local fiat currency. Other examples of SLP-based token adoption are the launch of an SLP token called ACD issued by the Tokyo-based ANA Holdings subsidiary Alliance Cargo Direct, and local tokens built for the cities of Dublin and Ohio. More than 6,200 tokens have been created using the SLP framework so far.

What do you think about Cybavo adding SLP support to its wallet management platforms? Share your thoughts in the comments section below.

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