Parfin, a leading web3 infrastructure provider in Latin America, has partnered with digital security specialist DINAMO Networks to make its crypto custody solution for institutional investors more robust.
The new partnership reinforces Parfin’s position as a major player in digital asset security and management, this time with a company well-known and respected in the national market. Parfin, known worldwide for its MPC (Multiparty Computing) custody solution, now benefits from DINAMO Networks’ support to incorporate HSM (Hardware Security Module - On-premises and Cloud). The 3.0 MPC-HSM solution also includes two-factor authentication (2FA OTP/OATH) through mobile phones, ensuring extra access security for clients, who become custodians of the keys.
The HSM protects and manages digital keys, performs digital signatures, strong authentication, and other advanced cryptographic functions. The security tool is one of the most widely used by financial institutions and holds multiple cybersecurity certifications, including the FIPS 140-2 level 3, granted by the National Institute of Standards and Technology (NIST), the foremost American security agency, ensuring a high degree of compliance for institutions. The MPC technology decentralizes key secrets across different entities, all of each may have different layers of security, operational controls, and, most importantly, unique parts of the secret. Losing one "part" of the secret does not pose a risk to the entire system. Everything is cryptographically protected.
"Institutional investors no longer have to face the dilemma of choosing between one solution or the other. With this partnership, we bring together two tools that combine trust, credibility, and a high level of security, covered in several layers. It's the best of both worlds," says Marcos Viriato, Parfin’s CEO. "Although MPC technology is modern and ultra-technological, it is still not widely known in much of the traditional financial market. HSM, on the other hand, is a routine tool for these institutions and has high adoption. With this, we add value to the solution we offer to the market," adds the CEO.
DINAMO Networks CEO Marco Zanini believes the innovation in using this security and compliance solution that combines MPC with HSM is primarily in the fact that part of the keys are inserted into the digital safe, the HSM. To form the mathematical encryption equation that ensures security, the MPC starts looking for one of the key parts within the HSM, and this provides additional security under the direction of the end client, as the HSM may be under their control, preventing any form of hacking. "Parfin is providing the highest level of custody security to its clients," explains Zanini. "We are pleased to be part of this pioneering solution with such a high level of security and institutional compliance, which is now reaching the market," he concludes.
About Parfin:
Parfin is an Anglo-Brazilian fintech that offers a secure and modular platform for custody, trading, and management of digital assets. Founded in 2019 by Marcos Viriato, Cristian Bohn, and Alex Buelau, the company has established itself as the leading institutional web3 infrastructure provider in Latin America, with partners in national and international markets. Parfin’s platform connects institutional investors to a range of players in the cryptocurrency market, including exchanges, banks, and custodians. To learn more, visit www.parfin.io.
About DINAMO Networks:
DINAMO Networks is a digital security expert that develops several high-level APIs and has taken part in the country's main security projects, such as Data Anonymization for compliance with the General Data Protection Law (LGPD), PIX processing and signing, Brazilian Payment System, Card Processing, Electronic Patient Record (EPR) signature, Income Tax Filing via Internet, Electronic Invoice (Nota Fiscal Eletronica), among several others. The company manufactures different models of security appliances, or Hardware Security Modules (HSMs), all with international FIPS 140-2 certification, level 3, which are used by major Brazilian banks, by the Brazilian Central Bank (especially for PIX encryption), and companies from various industries, both On-Premise and in the Cloud. Recently, it launched the first pay-per-use encryption solutions platform available in the global market, DINAMO Super Cloud.
