Japanese financial service provider SBI Group and Sepior ApS, a Danish cryptography services company, have entered into an agreement to jointly build a proprietary wallet. The wallet is designed to provide secure transactions on SBI’s cryptocurrencies exchange platform, VCTRADE.
The SBI Group is primarily an Internet-based financial services provider. Since its establishment in 1999, the company has turned into a financial conglomerate with a concentration on latest technologies, including Internet of Things (IoT), fintech, artificial intelligence (AI) and others. In 2018, SBI supposedly invested over $533 million in the blockchain and AI sectors.
According to the press release, SBI will license Sepior’s Threshold-Sig Wallet Security technology and jointly create a proprietary wallet to protect online content and trades on SBI’s crypto currency trading platform, VCTRADE.
With this framework, SBI is aiming to write new standards for crypto exchange security, partly through the creation of highly effective key management and security. Sepior’s patented Threshold Wallet technology supposedly permits quicker signing of trades involving several parties and “eliminates the need for any device or entity to possess the entire private key at any time, making it effectively impossible for an attack to result in key theft.”
Yoshitaka Kitao, Representative Director, President and CEO of SBI Holdings had the following to say on the technology
“After 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.”
It can be remembered that earlier this month, MoneyTap, the Ripple-powered payments app went live. The service, jointly developed by Ripple and SBI Holdings, will use xCurrent, Ripple’s blockchain solution, to facilitate domestic bank-to-bank transfers “in real time.”
Last month, SBI Holdings tested a crypto token “S Coin,” that can be used for retail purchases with smartphones. During the trial, SBI Group employees will supposedly use the S Coin platform to finish cash-free purchases at cafes and eateries around the premises of the SBI headquarters.
