Japanese financial group SBI Group of companies became a partner of the Danish blockchain startup Sepior for the development of electronic purse project private cryptocurrency exchanges.
As representatives of the Sepior in a press release, SBI has purchased a license to the patented technology startup threshold signature purse, which plans to introduce cryptocurrency exchange VCTRADE to increase the level of security of transactions.
Exchange VCTRADE started to work in June and is managed by the SBI Virtual Currencies, a subsidiary company of SBI Holdings. VCTRADE — the first in Japan secured by the Bank guarantees cryptocurrency trading platform which has obtained the state license.
Technology threshold signature involves the use of signatures, which are based on the Protocol, the confidential computation is a cryptographic method that allows members to calculate on the secret input, while not revealing them. Thus, we achieve a high level of protection, which is important for e-wallet.
“After careful research, our team became convinced that the threshold signature Protocol, the confidential computation will provide us the necessary level of security, performance and scalability for transaction management of our growing client base,” said SBI Holdings CEO Yoshitaka, Kitao (Yoshitaka Kitao).
In a press release Sepior also provides evidence that the vast majority of break-ins cryptocurrency exchanges in 2014 were committed because of gaps in the security of private keys from the wallets of users. For this reason, a startup working on a technology that eliminates the need for constant access to any device or entity to the private key, to prevent their theft.
Recall that due to fears caused by the hacking of the exchange Coincheck at the beginning of this year, the SBI Group has shifted the launch date VCTRADE, and it is not surprising that the company is carefully working to improve the security of their products.
In September, SBI Holdings together with Ripple received permission from Japanese authorities to release and support payment applications MoneyTap, which will allow users to share funds almost instantly.