Suggestions
Jose J. Perez Aguinaga
Tungsten | Institutional Digital Assets Custody in the UAE 🇦🇪
Jose J. Perez Aguinaga is a technology professional with expertise in Web3, full-stack engineering, DevOps, and cryptography.1 He recently took on the role of Co-Founder & CTO at Tungsten Custody Solutions, a company based in the United Arab Emirates (UAE).4
Professional Background
Prior to his current position, Jose worked at SEBA Bank AG until August 31, 2023.2 His career has focused on digital assets, cryptocurrency, and blockchain technologies. He has demonstrated a particular interest in:
- Multi-party computing (MPC) for digital assets3
- Shamir's Secret Sharing (SSS) algorithm6
- Secure storage of private keys and digital certificates5
Current Role
As Co-Founder & CTO of Tungsten Custody Solutions, Jose is likely leveraging his expertise in cryptocurrency and digital asset custody. The company appears to be operating in the UAE, with Jose mentioning his move to the region as part of taking on this new role.4
Educational Background
Jose received his education from Instituto Tecnológico y de Estudios Superiores de Monterrey.1
Professional Interests
Jose is passionate about the digital assets space, particularly in areas such as:
- Bitcoin and Ethereum7
- Crypto custody solutions
- Blockchain technology
- Cryptography
His move to co-found Tungsten Custody Solutions seems to be driven by his belief in the potential of digital assets and the need for robust custody solutions in the UAE market.7
Highlights
❗️❗️ FTX is NOT giving 100% of the client's original investments.
So last week, media organizations like CoinDesk announced that creditors might take up to 118% of their original investments due to FTX's potential reorganization plan. Although this is definitely a positive outcome from the downfall of one of the biggest #crypto exchanges in the market, it reflects a poor misunderstanding of how digital assets are valued and how quickly they are appreciated.
Let's say you had one bitcoin on #FTX while in #bankruptcy. This would mean that you had around $18,000 in Nov 2022. FTX will settle 100% of the $18,000 cash value, but with today's pricing, you would only get roughly 0.27-0.30 #BTC back from the exchange. It's Mt Gox all over again!
Everyday I get asked why someone would pay X BPS for holding their assets with a regulated custodian when they could do it for free. Well, this is why. Custodians like Tungsten Custody Solutions have your assets segregated at both the blockchain and balance sheet levels, guaranteeing your assets always belong to you. Thanks to the regulatory clarity the Abu Dhabi Global Market (ADGM) FSRA has, this is not a "trust me bro" kind of control but an operational and legal requirement.
The FTX bankruptcy case underscores the need for more robust legal and financial frameworks in the #digitalassets space. We are past the time when we allowed players in the ecosystem to hold your hard-earned money without having anything to show and operate as they wished. This bankruptcy case serves as a reminder that regulation is here to protect consumers, and in the rapidly evolving world of digital assets, it is not an option but a necessity.
🇦🇪 Are you coming to #Token2049 in Dubai next week? Here are a few #opsec tips for your trip to the UAE during a major crypto event.
🔒 General security
- Get a VPN. My favorite is Proton VPN, but if you don't like the price tag, there are a few others; they usually run ads through YouTube channels. Ensure there's a kill switch in public networks.
- Don't use USB chargers; instead, bring your own and plug your own USB cables (USB-A or USB-C) into them. Most places in Dubai have international outlets and 110V and 220V entries if needed.
- If using Apple, lock your iCloud Account by using Screen Time > Content & Privacy Restrictions > Account Changes - "Don't Allow", and protect Screen Time with a different iPhone passcode.
- If using 1Password as a Password Manager (which you should), enable "Travel Mode" on company credentials with sensitive access to live or production systems. Ensure these can't be accessed unless needed!
- Ensure you can use a second channel to reach coworkers and peers and provide an authentication keyword (emojis work great as well) to identify yourself if your main channel is out.
💰 For handling crypto
- Do not bring any hardware wallets. If you need to prove you own whatever NFT for a super cool members-only yacht party, use Delegate Cash and a hot wallet with minimal capital instead.
- If you need to bring any physical security tokens or wallets, seal them in a tamper-evident bag and lock them in your hotel safe. It will be apparent if you were part of an evil maid attack. BitBox sells some nice ones.
- If you want to interact with many protocols and products, get a new wallet before doing so. You can isolate any interactions, apps, or other actions afterward. Zengo Wallet for #bitcoin and #ethereum work.
- If you are expecting to execute a large number of on-chain transactions or other financial operations, get yourself a separate device so you know it's clean. Chromebooks are $300 but Virtual Desktops work as well.
- Use a sandbox-enabled browser, check your browser extensions, and ensure browsers aren't synced to your personal or work account. You can also create a new session in Chrome just for the trip.
Do not forget to enjoy the amazing things Dubai has, even if for a few days. From the venue, you can go take culture trip to the Museum of the Future (🚗 15min), do some shopping (and get lost) in The Dubai Mall (🚗 15min), go for a coffee in the Burj Al Arab (🚶🏻25min), do even more shopping (or skiing?) in the Mall Of The Emirates (🚗 5min), and get a tan in any of the Jumeirah Hotels & Resorts pools! . . . After living for 11 years in Switzerland🇨🇭, I relocated to the UAE 🇦🇪 with my family to build an institutional crypto custody solution, Tungsten Custody Solutions. Feel free to follow for our journey and learn everything related to #digitalassets, #security, #keymanagement, #HSM, #MPC, #privacy, #cryptography, #electronicIDs, #passkeys, zero-knowledge proofs (#ZKP), #DLT, and #blockchain in general.
