Blockchain-based Identity and payment solution provider Civic Technologies has made a partnership with the BitGo to develop a crypto wallet that maintains anonymity when providing a back-up solution. The wallet will be formed on the top of BitGo’s multisig technology and will be launched in the fourth quarter.
The so-called civic wallet was configured beside Civic Identity, Identity.com, and Civic Pay to work with BitGo’s multisig technology.
Civic will store very less data, in the form of KYC information, in case of account recovery and to meet the needs of regulatory purposes only. The company will not share this data with BitGo but depends on the cryptographic storage firm to keep redundant client signatures.
BitGo mainly handles enterprise clients, offering a secure hot wallet for institutions that carry out a high volume of transactions.
Ben Chan, who is the CTO of BitGo, said, “Civic found a way to leverage the multisig commodity to work at the consumer level.”
The retail level wallet will initiate with the basis. It will release with some of the currencies popular among the crypto community and enable users to store, send, and receive cryptocurrency, stated a representative.
Vinny Lingham, Founder and CEO of Civic, said, “With Civic Wallet, it will be easy and safe to transfer, hold, or use crypto so that people who are not technologically savvy can use it too. The world needs tools that lower the barrier to entry for blockchain technology.”
The firm expects that its scaled-down wallet will be alluring to those who are familiar with the cryptocurrencies. The firm will offer various features similar to traditional bank accounts, such as a daily limit - a security feature in case of identity theft like privacy controls and recoverability. Moreover, keys are kept in the mobile device, to login efficiently.
When integrating to the wallet, the firm will authenticate clients’ identities via blockchain technology. With the help of a solution from Idenity.com, which Civic acquired in 2018, a “decentralized identification verification system allows users to opt in to sharing their underlying data with people they choose,” said Chan.
Using Civic wallet, individuals users will get more privacy and security in managing their cryptocurrency. Mike Belshe, co-founder and CEO of BitGo, said, “It used to be that if you lost your mobile device, containing your digital wallet’s private key, you lost all of your cryptos. This is not the case with Civic’s new wallet. This is a big step forward for individual users.”
Users will be able to sign up to the Civic Wallet if they pre-register or referred by a person from their network.