SBI Group To Create New Crypto Wallet Exchange-One of the leading global financial services providers, Japanese financial giant SBI Group, has partnered up with the Denmark-based cryptographic startup company, Sepior, to create a digital wallet.
The financial giant SBI Group was established in 1999 in Japan as an Internet-based financial services provider. From then on, the company formed a financial conglomerate with a focus on new and emerging technologies. Consequently includes fintech, Internet of Things (IoT), artificial intelligence (AI), etc.
Why this partnership?
On Monday the Denmark-based startup, Sepior announced in a press release that SBI chose the Danish firm’s software. Because of its multiparty computation software called ‘Threshold-Sig Wallet Security’. This software is a cryptographic method that allows a secret to be shared between different parties. Similarly without revealing the secret, to provide a high level of wallet security.
SBI Group To Create New Crypto Wallet Exchange-SBI has licensed its “threshold signature” wallet technology for integration with its VCTRADE exchange. Likewise which provides a high degree of protection for the encryption key as well as to secure online content and transactions.
VCTRADE was launched in June by SBI Holdings’ subsidiary SBI Virtual Currencies to become Japan’s first bank-backed. As a result, it becomes government-licensed cryptocurrency exchange.
“After an extensive investigation, our security research team determined threshold signatures based on multiparty computation (MPC) offered our desired level of security, performance, and scalability needed to manage transactions for our growing SBI Virtual Currencies customer base”
-Yoshitaka Kitao, representative director, president and CEO of
Security is one of the major concerns for the crypto market in Asia due to a large number of hacks. The majority of crypto hacks since 2014 were due to poor key security. Sepior claims that its wallet technology “eliminates the need for any device or entity to possess the entire private key at any time. And making it effectively impossible for an attack to result in key theft.
At the beginning of October, the ‘MoneyTap’ app went live. This app is powered by Ripple payments. The service was co-developed by Ripple and SBI Holdings. Which uses Ripple’s blockchain solution ‘xCurrent’ to provide domestic bank-to-bank transfers in real time.
In September, SBI Holdings began trialing a crypto token “S Coin,” which can be used to make retail purchases with a user’s smartphone.