Japanese leading financial conglomerate has partnered with Denmark based Sepior to develop a proprietary wallet for its customers. The wallet will be made using multiparty computation to enhance security and prevent any unauthorized access.
The new wallet from Sepior will be a game changer in the cryptocurrency industry; hence will raise SBI Group customer base belief. The latter is the first bank-backed virtual currencies exchange licensed by the Japanese government. Similarly, through Sepior expertise, SBI Holdings will be able to provide custodial wallet services to its customers. The custodial wallet comes with additional safety measures.
Sepior’s Threshold Wallet Technology
Through the use of multiparty computation (MPC) the custodial wallet comes with the highest level of security for storing private key components and signing transactions. Similarly, it reduces the risk of moving assets without the approval of the end-user custodians or assets getting frozen. In summary, the wallet features can be summarized into two features. First, the wallet enables swift signing of transactions by multiple entities. Secondly, through the different entities, Sepior ensures the private keys don’t remain in one hand at any given moment. According to Yoshitaka Kitao CEO of SBI Holding the two security features significantly reduce the risks on VCTRADE. He further explained and said;-
“Sepior is in the leading front in providing cryptography and threshold MPC service which help in facilitating securing online transactions.
Moreover, they have applied these features fully and secure online transactions without having to rely on one trusted entity. After doing extensive research, our security experts concluded that threshold signatures based on MPC are the best security features for our platform. Through its features, we can provide the desired level of performance, security and scalability required to manage all transactions for our ever-growing customer base.”
The significant growth of the cryptocurrency industry has led to a lot of hacking incidence across the globe. Per estimation over $1.6 billion has been stolen by hackers and the attacks keep occurring. It’s only recently in January that Coincheck lost a staggering $500 million.
Besides the above partnership, SBI Group is working in conjunction with BitPesa and Ripple. For the latter subsidiaries under SBI banner were given the go-ahead to form fast peer to peer payment platform dubbed SBI Ripple. On the other hand, the former BitPesa and SBI Remit are working to facilitate direct transfer of fiat currency to Japanese yen. The services are available through SBI Remit in DRC Congo, Uganda, Tanzania, Senegal, Nigeria, Morocco, Kenya and lastly Ghana.