Crypto-Assets Custody Solution
Powered by some of the most trusted technologies in the crypto-industry, our Crypto-Asset Custody Solution allows you to safely store the crypto-assets who are entrusted to you in the course of the execution of your mandate.
- Segregated account
- Hot Storage
- Cold Storage
- Compliance with laws and regulations
- Custody and discharge of crypto-assets
- 1600+ crypto-assets supported
How LegalCoin Works
The family of LegalCoin tokens allow professionals of the legal sector who engage into management of cases which involve complex and long proceedings requiring parties to provide financial warranties to perform, on behalf of the parties, the provision of such warranties.
LegalCoin tokens are issued to the legal practitioner (or to the party upon request of the legal practitioner) against the deposit of sums in a given currency on a segregated account.
These tokens can then be associated to a Smart Contract, which guarantees to the parties the discharge of the corresponding amounts against execution of their contractual obligations (or application of legal decisions, for an example arbitral awards).
LegalCoin is powered by one of the leaders of the enterprise blockchain industry, MultiChain.
Why Use LegalCoin?
Unlimited use cases! What makes LegalCoin unique is our commitment to service excellence through a solution-oriented approach. We know our clients’ businesses, the industries and markets they operate in, and we know that great relationships yield the best outcomes.
Lawyer
Whether you have to manage a warranty constituted in crypto-assets in the context of legal proceedings, or need to manage, cross-border, multicurrency and / or long-term deals with complex clauses, ILAC Technologies is providing you (and your client) with a complete, secure, cost-effective and hassle-free solution.
bailiff
You might have to seize crypto-assets as part of a recovery of sums due to your client, or as a recovery of these crypto-assets. ILAC Technologies is allowing you to avoid to carry the burden of securing, managing and discharging or converting these crypto-assets.
Notary public
As crypto-assets become increasingly a part of the patrimonial value of individuals, chances are high that you will have to manage sales proceedings or inheritance proceedings involving such assets. The combination of our custodial services and our Smart Contracts features will allow you to avoid any security risk associated to these assets while ensuring that the proceedings are conducted in accordance with the profession’s best practices.
Insolvency Practitioner
Notwithstanding the exponential growth of the Fintech sector, crypto-assets adoption is widespread even amongst brick-and-mortar companies, and you will increasingly face situations in which a substantial part of the assets of a business entering insolvency proceedings is represented by crypto-assets.
Getting control over these assets will not be simple, but this is nothing compared to the task of segregating and securing them in accordance with insolvency rules. ILAC Technologies will free you from the associated risks, and will allow you to realize these assets in line with the objectives of your mandate.
Arbitration and Mediation practitioners
As recourse to Alternative Dispute Resolution mechanisms is becoming a standard, Mediators and Arbitrators often face the challenge to have to manage complex disputes in which some of the parties will not be represented by a Lawyer and might not present the financial surface allowing to ensure the timely payment of the proceeding’s expenses. Moreover, these parties may not be able to access in a swift and costless way, if at all, bank instruments such as guarantees or irrevocable letters of credit securing their future payment.
ILAC Technologies allows Arbitrators and Mediators to provide a solution to these parties, so that they can participate into the proceedings without being financially disadvantaged while simultaneously providing a warranty of payment of the proceeding’s expenses.
ILAC technologies provide full compliance with laws and regulations
Are You Looking for a Solution ?
Crypto-Assets Negotiation Solution
Our ground-breaking platform allows full compliance with laws and regulations, while allowing you to easily realize the value of the crypto-assets in the course of your mandate, either through an auction system, or through direct monetization through partnering exchanges.
Combined with our Custody solution, it provides a monitoring solution of market value of the crypto-assets in custody, allowing you liquidate assets based upon valuation thresholds that you set, in order to preserve the objectives of your mandate.
• Instant valuation of crypto-assets
• 1600+ crypto-assets supported
• Immediate access to liquidity
• KYC / AML management of buyers of crypto-assets
• Compliance with laws and regulations
Insolvency Practitioner
- 1 Opening of a segregated Estate account by the Insolvency Practitioner
- 2- The company in administration or liquidation and / or third parties holding its crypto-assets are turning the crypto-assets into the segregated account
- 3 – Conversion in monies of the crypto-assets on demand (in whole or in part) for administration / liquidation fees and expenses. Funds are transferred to the Insolvency Estate bank account.
- 4 – Discharge proceedings:
- Crypto-assets identified as belonging to third-parties according to applicable laws and regulations are transferred to the said third-parties
- Crypto-assets are transferred as part of sale / liquidation of the company
- Crypto-assets are transferred to creditors accepting such payment / compensation of their claim
- Crypto-assets are sold to realize their value, the corresponding money being transferred to the Insolvency Estate bank account.
- Crypto-assets are transferred back to the company in case the business is rescued on an ongoing basis
Bailiff
- 1 – Opening of a segregated account by the Bailiff, notice of proceedings (recovery of sums or crypto-assets)
- 2 – Remittance of the crypto-assets on the segregated account
- 3 –Remittance of the crypto-assets to the client (assets recovery), or sale followed by remittance of monies (recovery of sums)
- 4- Payment of bailiff expenses either in crypto-assets or in monies following sale.
Notary Public
- 1 – Opening of segregated account by the Notary Public
- 2 – Remittance by third-party holder of the sold or inherited crypto-assets
- 3 – Transfer of crypto-assets to the buyers or heirs.
- 4- Remittance of crypto-assets or monies (after sale) to the Notary Public for payment of taxes and fees.
Lawyers
- 1 – Ouverture of segregated account by the Lawyer and remittance of funds from the Lawyer’s bank account in exchange for credit in LegalCoin
- 2 – Transfer of the LegalCoin amount into a SmartContract based upon Lawyers agreement or as a warranty (eg. Arbitration Interim Award).
- 3 – Upon conclusion of the agreement (or legal decision, eg. Arbitration Final Award), transfer of the LegalCoin to the Lawyer receiving the amount on behalf of his client.
Arbitration & Mediation
- 1 – Opening of segregated accounts by parties, to the initiative of the Arbitrator or the Mediator, and provision of accounts by conversion of monies remitted by the parties into LegalCoin
- 2 – Smart Contract holding the LegalCoin amount subject to Arbitrator or Mediator instructions
- 3 – Disbursement of proceeding’s expenses according to Arbitrator of Mediator / request
- 3 – Upon termination of the proceedings, based upon the award / decision, remittance of LegalCoin to the parties, conversion in monies and remittance of monies to the parties or their Lawyer.
