SLP token support

Cybavo Adds SLP Token Support to Its Wallet Management Platforms

The SLP token support ecosystem is growing rapidly as more companies adopt its token protocol. The latest company to join the ecosystem is Cybavo. Though it’s a cybersecurity firm offering enterprise-level secure private key management for blockchain application to some of the biggest exchanges in the world, it couldn’t refrain itself from joining this trend.

In a recent announcement, Cybavo confirms its integration of SLP token support on its enterprise wallet management platforms “Cybavo Vault” and “Cybavo Wallet SDK“. Cybavo representative at the same time explains that it worked tirelessly to bring support for SLP tokens to its enterprise wallet system and mobile wallet development kit. As a result, SLP tokens are already available on both platforms.

With this object, Cybavo Vault Enterprise Wallet users can now create secure wallets for different SLP tokens. Users can associate these wallets with their BCH wallets promptly. They can further define fully customizable policies for their SLP wallets. Users can see their address whitelist, transaction limits and multi-level approval chain simultaneously. Besides, they can use the wallets to send and receive SLP tokens globally. Around 20 companies across the world are using the company’s cryptocurrency custody platform as of now. The list also includes the top two cryptocurrency exchanges in Taiwan.

The CEO from Cybavo Paul Fan explains what is stopping the broad adoption of cryptocurrency today in the press meet. He says one of the main points is the complexity barrier and the lack of user-friendly solutions. SLP tokens allow companies and individual users to easily issue a token on their own terms. The inclusion of SLP support into Cybavo products is a natural step in the company’s mission to offer secure and user-friendly enterprise cryptocurrency wallets.

The Growing SLP Token Ecosystem

SLP (Simple Ledger Protocol) is an easy-to-use, robust and extensible token management system. It allows anyone to create tokens on the Bitcoin Cash network in a permissionless way. However, it has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the Ethereum Network. SLP tokens can easily be created, traded and managed on the Bitcoin Cash blockchain within seconds. On the other hand, it costs only fractions of a penny for each transaction. All transactions are recorded on-chain, and custom token behavior can be defined using a bitcoin script developing language.

SLP token adoption has grown rapidly during 2019. Several token exchange platforms have listed SLP tokens for trading on their platform. These include assets such as Gocrypto’s GOC, a token that enables online or physical merchants to accept crypto payments and receive a settlement in their local fiat currency. Other examples of SLP-based token adoption are the launch of an SLP token ACD. Tokyo-based ANA Holdings issues ACD (Alliance Cargo Direct), and local tokens built for the cities of Dublin and Ohio.

More than 6,200 tokens have been developed using the SLP framework so far and the number continues to grow.

About Cybavo

Cybavo is a well-recognized organization that offers secure private key storage and management enterprise solutions for blockchain. It includes usable cryptocurrency custody platforms and services for enterprise and financial institutions such as crypto exchanges, digital asset managers or custodians. Since its inception in 2018 by a team of experts from cybersecurity, blockchain and digital currency industries, it never looked back while going forward to achieve success. The company has the most talented developers and researchers with solid experience in the security and cryptocurrency fields.

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