Cobo launches new software, NaaS (NFT-as-a-Service), that allows users and institutions to enjoy safe yet efficient storage and custody of NFT assets, multi-role access, and the ability to connect to marketplaces for trading of NFTs.
The NFT Boom Since the 2021 NFT Summer, NFTs have become one of the important asset allocation categories amongst institutions like marketplaces and Web3 funds that invest in blue-chip NFTs or DAOs. Today, an increase in large brands and corporations such as Nike (NYSE:NKE), TIME Magazine, Adidas (OTC:ADDYY), and Prada (OTC:PRDSY) are jumping into NFTs, and collectors and institutions are increasing their collection of NFTs from all different blockchain platforms. To securely store and manage all of these NFT assets 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 quickly developing support for other chains and NFT categories.
Seamless Integration to Platforms Institutions can connect with MetaMask Institutional via Cobo’s web interface, or easily utilize the Cobo Custody NFT API to interact with the underlying NFT contracts to get the full functionalities of NaaS whilst retaining their 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 just 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 will need to handle all their NFT transactions by focusing on the usability of the platform and the flexibility of the controls,” said Discus Fish, Co-Founder, and CEO of Cobo.
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 cause 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 probability of occupational risks, creators using the Cobo NaaS Platform will be able to delegate the Auditor and Operator roles to their users. Operators will be able to perform transactions while Auditors will be approving these 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 Controls The usability and flexibility of a protocol are increasingly important as constant new technologies make their way into platforms. Protocols need to be able to adapt and cater to the needs of their users, allowing their products or services to be fully utilised.
Cobo NaaS allows creators to set up whitelists of contract addresses and their interaction rules among users. This restricts users to be able to interact only with contract addresses on their whitelist and will require consent from one or more auditors if they intend to interact with contract addresses outside of their 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 the operators can interact with, or adjusting the USD thresholds for trading limits.
Additionally, users can also use advanced filtering to sort transactions by NFT, Wallets, Coins, Operators, Date Range, etc., which allows you to easily locate any transaction and generate one-click detailed reports.
The Future of NFT Custody Aside from the increase in large brands jumping into NFTs, the employment landscape is changing due to the increase in the adoption 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 for institutional adoption of crypto. Yet, it is still in its early stage. A lot of the underlying blockchain technologies are still fast-evolving, and the product and services required for a digital asset custodian are also changing very quickly. Breakthroughs in these innovations would play a big part in mass institutional adoption of digital assets” said Changhao Jiang, Co-Founder, and CTO of Cobo.
About Cobo Cobo is Asia’s largest digital asset custodian 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 powering 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 over-exposure to headwinds. As a strong blockchain and DeFi infrastructure builder, Cobo provides software-as-a-service products WaaS (wallet), Daas (DeFi), NaaS (NFT Minting), and StaaS (Staking). Amongst other projects, Cobo’s incubator arm also enriches the DeFi ecosystem through its investments in early-stage innovative and promising DeFi projects. Its respected security team also features regularly in crypto communities for its contribution to protecting the crypto ecosystem and patching the vulnerabilities in protocols.
To learn more about Cobo’s NaaS, contact communications@cobo.com