Japan Financial Services Giant SBI Builds Cryptocurrency Exchange Wallet
SBI Group, the Japanese financial services giant, is currently working in order to develop a new digital wallet for its virtual currency exchange. In order to do so, the company has partnered with the Danish blockchain security startup, Sepior.
The information has been released a few days ago by Sepior in a press release. As per the official post, SBI licensed its proprietary ‘threshold signature’ wallet technology that will be integrated with VCTRADE.
The VCTRADE was launched back in June by a subsidiary of SBI Holdings that is known as SBI Virtual Currencies. In this way, VCTRADE became the first Japanese bank-backed crypto exchange with a cryptocurrency license.
The threshold signature technology is based on multiparty computation. This allows secrets to be shared with different parties without having to reveal the secret. That provides an important level of wallet security to the users.
According to Yoshitaka Kitao, representative director, president and CEO of SBI Holdings, threshold signatures are a very good system for performing transactions related to SBI Virtual Currencies.
About it, he mentioned:
“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 customers base.”
According to him, it will be very difficult (almost impossible) for hackers and attackers to steal users’ private keys and compromise their funds. During the last years, several hacks affected the whole virtual currency market. In Japan, for example, several exchanges experienced attacks resulting in losses for hundreds of users.
Ahmet Tuncay is also very excited to be working with SBI Group. He said that SBI Virtual Currencies will be working in one of the most crypto-active regions in the world. The Japanese Yen is the most traded fiat currency in the world for Bitcoin, accounting for 38.8% of the total trading volume worldwide.