Sepior and Japan’s SBI Group Announce Joint Development of a Secure Online Wallet for Japan’s First Bank-Backed, Government-Licensed Cryptocurrency Exchange
October 22, 2018
Japanese financial services giant SBI licenses Sepior’s Threshold
Wallet technology for use in their proprietary wallet, to be integrated
with the SBI Virtual Currencies exchange platform
LAS VEGAS–(BUSINESS WIRE)–#KMaaS–Sepior ApS, a leader in threshold cryptography for highly secure online
transactions, and the SBI Group, the leading Japanese online financial
services firm actively developing cryptocurrency markets in Asia, today
announced an agreement to license Sepior’s
Threshold-Sig Wallet Security technology and to jointly develop a
proprietary wallet to secure the on-line contents and transactions on
SBI’s Virtual Currencies exchange platform, VCTRADE. Sepior’s threshold
signature approach using multiparty computation (MPC) provides the
highest level of encryption key protection available for cryptocurrency
wallets, addressing the most salient criteria for achieving on-line
wallet and transaction security.
Worldwide interest in cryptocurrencies has surged in recent years;
however, major losses from cyberattacks on cryptocurrencies have created
legitimate concerns about security measures implemented by
cryptocurrency exchanges. More than $1.6 billion in today’s values have
been lost from such attacks since 2014, and the vast majority of the
events are linked to insufficient key security. SBI is setting new
standards for cryptocurrency exchange security, in part through more
effective key management and protection using Sepior’s Threshold Wallet
technology.
Critical requirements for institutional-grade cryptocurrency exchanges
include the ability to provide custodial wallet services with the
highest level of security for signing transactions, storing private key
components, and minimizing the risk of assets being frozen or moved
without the approval of the end-user or custodians. Sepior’s patented
Threshold Wallet technology, which enables rapid signing of transactions
involving multiple parties is instrumental in helping SBI Virtual
Currencies satisfy these requirements. Also critical is the nature of
Sepior’s key protection approach, which 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.
“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”, said
Yoshitaka Kitao, Representative Director, President & CEO of SBI
Holdings. “Sepior is recognized as a market leader in cryptography and
threshold MPC. They’ve applied these core competencies to facilitate
secure on-line transactions without the classic reliance on a single
trusted party.”
“We are absolutely thrilled to be working with the SBI Group”, said
Ahmet Tuncay, chief executive officer of Sepior. “SBI Virtual Currencies
operates the first bank-backed, government-licensed cryptocurrency
exchange in the most active cryptocurrency trade region in the world.
SBI Virtual Currencies will set new industry benchmarks for security,
performance, scale, and privacy for cryptocurrency exchanges with its
institutional-grade custodial services. Sepior is proud to be SBI’s
trusted development partner and technology provider in this endeavor.”
More information about the role of Sepior’s Threshold Wallet technology,
enabling trust for online transactions with threshold signatures, can be
found at: https://sepior.com.
Be sure to visit Sepior at Money
20/20, (Booth 1379) and at Blockchain
Expo North America (Booth 727).
About Sepior ApS
Founded in 2014, in Aarhus, Denmark, Sepior is enabling trust for online
financial transactions and enterprise data protection applications, such
as cryptocurrency custodial wallets, public or private blockchains, and
cloud-based SaaS offerings, using threshold-based multiparty computation
(tMPC). Using patented threshold cryptographic protocols,
Sepior’s RSA award-winning team of renowned cryptography experts has
revolutionized key protection and management required for online
security and privacy. The result is a customer-definable security
framework that operates with any hardware, virtual device, or platform,
using a distributed-trust model, optimized for current and emerging
fintech, cloud, IoT, and distributed ledger applications and services,
allowing our customers to transact with trust.
For more information, visit https://sepior.com.
About SBI Holdings
The SBI Group was established in 1999 as a pioneer of Internet-based
financial services in Japan. Since then, the SBI Group has formed the
world’s first Internet-based financial conglomerate, providing financial
services in a broad range of fields including securities, banking and
insurance. In addition, the SBI Group provides Asset Management
Business, with a prime focus on investment in venture companies – an
activity undertaken since before the Group’s founding. In this sphere,
the SBI Group has made focused investments in the IT and biotechnology
sectors, which are the 21st century growth industries. Currently, the
development of new technologies is accelerating within the Fintech, IoT,
AI, Big Data and related fields thus attracting global attention. The
SBI Group is proactively investing in venture companies within these
fields.
Contacts
USA & International PR contact:
Zonic Group Public
Relations
Mark Fox
mfox@zonicgroup.com
+1
408 504 8665
+44 7836 248110