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Galaxy Digital’s GK8 Announced Tokenization Wizard

Galaxy Digital

GK8, a crypto custody specialist owned by Galaxy Digital, has introduced its Tokenization Wizard, marking its entry into the tokenization sector. The platform facilitates the creation of blockchain-based representations of real-world assets and secure management of stablecoins and various Web3 applications.

The initial user of this tool will be a collaboration between asset manager DWS, Flow Traders, and Galaxy, aimed at overseeing a fully backed euro-denominated stablecoin, as announced by GK8.

Having been acquired by Galaxy Digital just over a year ago, GK8 offers a distinct self-custody solution, utilizing a patented form of cold storage. This process involves creating, signing, and transmitting blockchain messages without any internet connection, ensuring enhanced security measures.

The surge in demand for tokenization has seen traditional finance institutions, such as BlackRock, embracing the trend. GK8’s tokenization engine aligns with its self-custody ethos, contrasting with the managed custody services offered by platforms like Coinbase.

Furthermore, GK8 employs its patented cold storage method, which involves multiparty computation (MPC) to split cryptographic keys, ensuring an added layer of security. By utilizing outbound unidirectional communication for transactions, GK8 avoids exposure to potential cybersecurity threats associated with inbound data.

The inaugural client leveraging the Tokenization Wizard will be the collaboration between DWS, Flow Traders, and Galaxy, focusing on the management of a fully secured euro-denominated stablecoin, according to GK8.

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