The digital wallet solution provides the highest cryptographic security standards and supports multiple currencies and tokens
The Bulgarian-based Software-as-a-Service startup Crypto APIs has launched an improved Wallet as a Service (WaaS) to provide small and medium businesses, enterprises and institutions with a more secure and reliable multi-currency digital wallet.
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The service utilizes an advanced Multi-Party Computation (MPC) cryptographic key management method, provided by Sepior, a Danish security software company specializing in threshold cryptography.
The MPC wallet encompasses the highest cryptographic security standards and is a preferred solution for cryptocurrency transactions by individuals, businesses and institutions.
Sepior’s advanced encryption provides Crypto APIs’ clients with an enterprise-grade security for signing digital transactions by distributing the key shares and their control among several parties. This model eliminates private keys and the inherent risks of their management by ensuring that key shares never become public, or even leave their holder’s domain.
“The market demand for MPC-based digital wallets has surged and evolved over the past 18 months,” said Ahmet Tuncay, CEO of Sepior. “DeFi service providers, exchanges, institutions, and custodians are all seeking higher performing, more automated MPC wallet services, which they can trust. Crypto APIs’ expertise in blockchain and digital asset services, combined with Sepior’s industry-leading, advanced MPC key management and protection technology provides the automation, performance and security that institutions and service providers desire.”
Crypto APIs’ customers can choose between three types of digital wallets, including the option for an on-premises key management (MPC-nodes hosted by customers) and custom signing scheme. All digital wallets have a backup encrypted by customer RSA key. The Bulgarian startup also provides an open-source tool that allows users to recover their wallets in case of an emergency.
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“In the traditional world security is important, In the crypto world, security is everything. Customers need confidence and trust in the providers that enable them to operate online and make transactions,” said Nashwan Khatib, Founder and CEO of Crypto APIs. “Our partners from Sepior are world-renowned cryptographers and pioneers in multiparty computation implementation. By utilizing Sepior’s highly secure advanced MPC software, combined with hardware isolation, governance layer, anti-spoofing and manual approval, we are able to provide one of the most reliable, easy to use and flexible Wallet as a Service on the market.”
The governance layer, developed by Crypto APIs, allows customers to set up custom rules for the different wallets and volumes. Based on these rules team members can also approve or reject outgoing transactions manually with the Crypto APIs Approver mobile application, available for both Android and iOS devices.
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The news for the digital wallet follows the expansion of the Bulgarian startup’s product portfolio in March 2021 and the launch of its second software version – Crypto APIs 2.0. The upgraded version is highly secure, ultra-fast, auto scalable and customizable for clients of any size.
Crypto APIs supports over 12 protocols and all token standards: Omni layer, ERC-20, ERC-721, BEP-20, BEP-721, etc. The company constantly onboards new protocols to expand its network to offer clients more opportunities.
In addition, the company is working on a DeFi integration using WalletConnect and support for NFT. The Bulgarian startup is also open to partnerships with other blockchain and crypto providers, exploring the options for more third-party integrations to its products and services.
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