Finance Giant SBI Group to Develop a Crypto Exchange Wallet

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Japanese finance giant SBI Group has collaborated with a blockchain security startup to build a Crypto Wallet for its newly launched digital currency exchange.

The Denmark-based startup, Sepior, declared in a Press Release, that SBI has licensed its proprietary ‘threshold Signature’ wallet technology for integration with its VCTRADE exchange to secure “on-line contents and transactions.”

VCTRADE was started in June by SBI Holdings’ subsidiary SBI Virtual Currencies to become Japan’s first bank-backed, government-licensed digital currency exchange.

Sepior stated its threshold technology implements signature-based multiparty computation – a cryptographic that enables a secret to be shared among different parties without revealing the secret to giving a high level of wallet security.

Mr. Yoshitaka Kitao, a representative director, president and CEO of SBI Holdings, stated:

“After an extensive investigation, our security research team determined threshold signatures based on multiparty computation (MPC) offered our desired level of performance, security, and scalability needed to manage transactions for our growing SBI Digital Currencies customer base.”

Majority of crypto hacks since 2014 were down to poor key security, Sepior asserts that its wallet technology reduces the need for any device or entity to possess the entire private key at any time, making it completely impossible for an attack to result in key theft.

Wallet security is essential; as per a report from country’s National Police Agency (NPA), Japan lost around 60 billion Yen (approx. $540 million) worth of digital currency in first six months of 2018. Another report shows that globally approx. $800 million have been lost to cyber attacks in the last 18 months.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.