Civic Technologies, the premier blockchain-powered identity and payment solution provider, announced on Tuesday it has collaborated with BitGo to launch the Civic Wallet in beta, the first consumer digital wallet built on top of BitGo’s multisig technology, which will be released in the fourth quarter.
According to Civic, the Civic Wallet enables consumers to have more control and security over both their crypto and their personal information. Private keys are safely stored on the user’s mobile device, and redundant backup systems ensure that the digital wallet may easily be restored if a person’s mobile device is lost or stolen. Civic Wallet will use Bitgo’s technology to enable users to store, send and receive crypto, as well as to enable account and funds recovery. Vinny Lingham, Co-Founder and CEO of Civic, stated:
“We’re building a new financial and identity ecosystem. This is the wallet of the future. 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.”
Mike Belshe, Co-Founder and Chief Executive Officer of Bitgo, went on to add:
“With the Civic Wallet, individual users are getting more privacy and security in managing their cryptocurrency than ever before. It used to be that if you lost your mobile device, containing your digital wallet’s private key, you lost all of your crypto. This is not the case with Civic’s new wallet. This is a big step forward for individual users.”