Element 3.png

CONTEXT: The creation, distribution and management of secret keys are of utmost importance for successfully managing crypto assets on blockchains. Institutions offering their customers services to store cryptocurrencies face the challenge of an ever increasing number of assets under management. Individual investments up to 500 different coins and tokens as asset classes are nothing extraordinary any more. Therefore the custodians of these assets have to rely on unique hardware and software solutions to tackle the daily load of blockchain transactions. RIDDLE&CODE offers a professional solution to turn custodial services into strategic business development.


Asset Management Element 1_cut.png

1. Trusted node prepares the raw transaction and sends to the signature devices

2. Signature devices sign transaction with their Shamir secret slice

3. Master signature device collects and decrypts signature, recovers the master secret, signs the transaction and sends it to the trusted node. The master secret gets zeroised

4. Trusted node receives the signed transaction and broadcasts it to the ledger


RIDDLE&CODE offers FIPS 140-2 compliant hardware wallets to manage public key infrastructures. It delegates the process of signing blockchain transactions to a collective of hardware wallets. No single hardware wallet can produce valid signatures.

The many wallets protect each other in the creation of seeds, mnemonic phrases and secret keys. Secret keys are never stored anywhere. Instead, any sensitive information gets split and distributed between the wallets. Only during the signing process do secrets get recovered just for a few milliseconds via Shamir's secret, collective curves or zero-knowledge proof algorithms.
Our wallets can only communicate via hardened protocols with the cryptographic payload getting calculated on hardened MCUs. All communication follows the PKCS#11 standards for HSM.


RIDDLE&CODE follows the principles of open source and open hardware development. Our implementations are code-reviewed on a regular basis.

Certified auditing companies guarantee correct policies and processes for our crypto asset management solutions. We actively participate in creating the necessary regulatory frameworks concerning new asset classes. Regulators accept the solution as viable for custodial services.

We are building a strong partnership structure around our products. Constant innovation within the domain of the emerging token economy is a direct result. Within the token economy, RIDDLE&CODE has a particular focus on bringing non-fungible, physical assets to the market.


RIDDLE&CODE builds hardware wallet systems that are easily adaptable, scaleable and convenient solutions for operating crypto asset trading and asset management.

Our solutions support multi-trader and distributed trading setups.
We secure federated blockchain nodes with secure hardware elements. The software integrates into existing legacy systems for account management.

Automated auditing, transaction logging and tracing are part of the standard package. The system is open ledger and token agnostic. Reconfigurability of the modular hardware and software components into new financial products and instruments is an essential part of the solution.


RIDDLE&CODE's asset management solution is secured by hardware wallets and introduces a new level of security by never storing signing keys on any device. It enables secure trading through co-signing algorithms and leverages open source standards to remain best-of-class.

RAC_Web_Zeichenfläche 29 Kopie.png
Element 3.png




High value transactions get signed by three traders in the Switzerland headquarter and by the CFO, currently on a business trip, in Singapore.

Asset Management Element 3.png




High value transactions get signed by two traders in the bank, the client gets notified and co-signs to complete the transaction.

Asset Management Element 2.png
Asset Management_QA.png

1. Why does this solution represent a new level of security?

Traditional HSM solutions store signing keys on a central device. These hot (online) central devices represented the main vulnerability in most of the recent crypto hacks. Our solution avoids this single point of failure by introducing a decentralised architecture where keys are never stored on a single device.

2. Is the solution compliant with regulatory provisions?

Yes, the asset management solution is deployed at Swiss banks and has been accepted by Swiss regulatory bodies following a comprehensive audit by internationally certified auditors. RIDDLE&CODE asset management solution is in the process to attain European regulatory compliancy.

3. Can I only manage cryptocurrencies?

No, the solution is designed to support any form of digital tokens.

4. Which crypto currencies do you currently support?

Currently our solution supports all bitcoin related currencies, Ethereum and Ethereum tokens, IOU ledgers (like Ripple and Stellar) and graph-based ledger cryptocurrencies (e.g. IOTA, EOS ...)

5. Can only banks use the asset management solution?

At the moment the solution is a B2B product with a focus on banks, insurances, funds and exchanges etc.
However, the solution can be adopted by anyone, e.g. high net worth individuals or parties interested in applying true co-signing schemes to their asset management.

6. Can the solution interact with third party systems?

The product provides an industry standard Python RESTful API that enables interfacing and sharing any required data with external systems, e.g. core banking systems like AVALOQ, T24 etc.

7. Which pricing or business models apply?

The fee schedule comprises of a flat license fee (software, hardware, support). Final fee structures are a result of contract duration and level requirements.

RAC_Web_Zeichenfläche 29 Kopie.png