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Formosa, CoolBitX Partner On Crypto-Asset Treasury Management

Formosa Financial, a treasury management system for organizations to manage their crypto assets, is collaborating with CoolBitX, a blockchain security company, a press release said on Thursday (Dec. 13).

The first phase of their partnership sees Formosa's FMF token securing compatibility on CoolBitX's crypto app. Moving forward, existing corporate customers of Formosa will be able to manage their crypto assets using CoolBitX's CoolWallet S, a mobile hardware wallet that deploys "military-grade encrypted Bluetooth" to integrate into its native iOS or Android mobile apps. The companies noted that this removes the friction of traditional USB computer connections without forfeiting security.

The companies have broader plans for their collaboration beyond the storage and management of crypto assets, however.

In a statement, Formosa Financial CEO Ryan Terribilini said the technology developed by CoolBitX "has the potential to do so much more than simply hold crypto assets. New use cases around personal identity management, data access authorization and more are just around the corner. We are excited to work with their team as we push the boundaries of the Taiwan FinTech ecosystem internationally."

CoolBitX CEO Michael Ou said in another statement: "Formosa Financial is working hard to build a platform of services the market really needs. With their one-stop financial service, crypto company operations can run more smoothly, making the entire industry more efficient."

The partnership with CoolBitX follows just weeks after Formosa announced an integration with cryptocurrency security firm BitGo, which will provide its custodial services to the Formosa suite of crypto asset management solutions.

In October, Fidelity announced the rollout of its own crypto asset custodial services, as well as a trade execution service for institutional investors, through the launch of Fidelity Digital Asset Services.

"We expect to continue investing and experimenting over the long term with ways to make this emerging asset class easier for our clients to understand and use," said Fidelity Investments Chairman and CEO Abigail Johnson at the time.



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.