Announced Wednesday, the first version of TrustVault is available for download at the Apple UK App Store, and initially can be used to store ether, the cryptocurrency native to the ethereum public blockchain. Bitcoin and ERC-20 tokens that run on top of ethereum are to follow soon after.
Indeed, like a bank, Trustology identifies its customers upfront, and if the phone is lost, the account can be recovered with the company since the private keys to the crypto wallet are not stored on the device.
For me, this raised some serious security issues. What prevents Trustology, or one of its (previous) employees, from stealing the private keys and moving your funds?
What prevents a Mt. Gox style heist or loss of funds?