The discussion was hosted by Frank Wiener, CMO of Sepior with two co-hosts, Robert Machado, product director at CYBAVO and Gabrielle Patrick, founder of Knabu.
Frank gave a quick review of Crypto Wallet 1.0 and 2.0. To remove funds from a wallet, we have to use a private key, which is used to generate a digital signature that releases the funds. Thus, the security of the private key is paramount to security of digital assets. Crypto Wallet 1.0’s multiple approver model, where each approver has its own associated private key that is used to generate the associated digital signature. However, KPMG reported that roughly $9.8 billion dollars has been stolen from exchanges using Crypto Wallet 1.0 since 2011.
Crypto Wallet 2.0 improved multiparty approval using MPC, with decentralized trust thus eliminate single point of failure. Crypto Wallet 2.0 uses MPC to generate threshold signatures, where each party has a share of a single private key and muti-shares have to be used to confirm the approval of a transaction. Threshold signature is fast, secure, integrity and available for any wallet.
Sepior licenses the technology to companies developing their own wallet. It partners with CYBAVO who’s offering white-label wallet services for businesses. CYBAVO wallet is integrated with Sepior’s private key protection technology. Knabu, a B2B bank in London providing enterprises secure access to funds, also using this platform. The founder Gabrielle said it drives more people to crypto, since they don’t need to worry about security and can focus on business.