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What is Custody.org?

Custody.org is a redesigned cryptoassets custody inventory and KYC providers network.

In other words, Custody.org will engage prominent Custodians and KYC providers and seamlessly connect their services to Yellow.org to grant the best user experience for customers.

What do we do#

The main approach of its working mechanism is aimed at processing with Wrapped tokens (like WBTC for BTC, WETH for ETH, etc.) with the Standard Asset Conversion API (Custody). At the same time, we consider using an option to sign the private certificates in order to get the data certificate of the provider on demand (same as it is implemented for signing NFT smart contracts). This way we achieve the KYC-certified deposit/withdrawal system.

Are my assets safe?#

Yes! Connecting via a verified crypto gateway like MetaMask the user's deposit goes to a safe cold-wallet of one of our certified provider partners (like Fireblocks). The user is operating just with the Wrapped tokens thus their assets are secured due to this 2nd layer which is implemented in our OpenDAX v4 deposit/withdrawal system.

More details#

We are using cross-chain bridges for Wrapped tokens, and since pay-channel smart contracts are operating with trade-channel smart contracts on the 2nd layer — this way the user has access to numerous of actual 'market pairs' state channels.

View the list of supported crypto bridges (WBTC-BTC, WDOT-DOT, etc.)

Conversion of the asset to the Wrapped version and vise versa is automatized while the liquidity of the assets is provided by our partners.

For KYC purposes, the wallet address is associated with a 3rd party wallet. It is important to notice that the KYC level information in this iteration doesn't disclose sensitive data like Country identity, the related metadata stays confidential information. Considering the usage of the Web3 protocol, we provide ERC-tokens for attaching the KYC to the wallet. As soon as the KYC-only part is passed — the user receives their specific token and is able to send it to another user.

As soon as the fee payment is confirmed, the integrated partner will sign the certificate, and it will be moved to 'ACCEPTED' state.

Custody.org carries the idea of having CUS — an incentive token for Custodian and KYC providers.

sequenceDiagram autonumber User-->Metamask: connected User->>+Custody: Send BTC Custody->>-Fireblocks: Send BTC Fireblocks->>+Fireblocks: Storing BTC on a cold wallet Fireblocks-->>-Custody: status: collected Custody->>+KYC partner: KYC check KYC partner-->>-Custody: status: KYC checked Custody->>Custody: conversion BTC to WBTC alt return the Wrapped asset to user Custody->>Metamask: send WBTC else use the Wrapped Asset Custody->>State channel: Trade Channel Smart Contract else leave Wrapped asset on Custody Custody->>Custody: funds are secured end Custody-->>User: send message Success