Sepior ApS, a U.S.-based cryptography firm for highly secure online transactions, announced on Monday it has formed a partnership with the SBI Group, a Japanese online financial services firm actively developing cryptocurrency markets in Asia, to license Sepior’s Threshold-Sig Wallet Security technology and to jointly develop a proprietary wallet to secure the online contents and transactions on SBI’s Virtual Currencies exchange platform, VCTRADE.
Sepior reported its patented Threshold Wallet technology, which enables signing of transactions involving multiple parties is instrumental in helping SBI Virtual Currencies satisfies requirements for institutional-grade cryptocurrency exchanges, which includes 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.
While sharing details about the partnership, Yoshitaka Kitao, Representative Director, President, and CEO of SBI Holdings, stated:
“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.”
Ahmet Tuncay, CEO of Sepior, then added:
“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.”