SBI Group is developing a new wallet for its crypto exchange
Japanese financial services giant SBI Group has partnered with blockchain-based cyber security solutions startup to develop a digital wallet for its recently launched cryptocurrency exchange.
Danish start-up Sepior wrote in a press release that SBI has licensed its “threshold signature” technology, which will be integrated into the VCTRADE exchange to securely “store wallet contents on the network and transfer transactions”.
VCTRADE was launched in June by SBI’s subsidiary SBI Virtual Currencies and became the first licensed exchange in the country to be set up by a local bank.
Sepior said its technology allows signatures with multilateral computing, a cryptographic method that allows sensitive information to be shared between multiple participants without revealing the information itself, in order to provide a higher level of wallet security..
Designated Director, President and CEO of SBI Holdings Yoshitaka Kitao said: “Through active investigation, our team of cyber security experts have concluded that multilateral computing threshold signatures provide the level of security, performance and scalability we need to manage transactions carried out in the growing user base SBI Virtual Currencies “.
Sepior claims that the “vast majority” of crypto hacks since 2014 have been due to weak security measures, and adds that its wallet technology “removes the need for any device or person to hold private keys at any given time, because why the attack cannot end in stealing the keys “.
Japanese exchanges have lost 60,503 bitcoins (about $ 540 million) in the first 6 months of this year, according to the National Police Agency. According to another report, over the past year and a half, more than $ 880 million have been stolen from cryptocurrency-related cyber attacks worldwide..
In March, SBI Holdings acquired a 40% stake in Taiwanese company CoolBitX, which manufactures hardware wallets for storing cryptocurrencies..
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