Civic Technologies, the renowned blockchain-powered company, and payment solution provider based out of Palo Alto, US jointly announced Civic Wallet with BitGo, the leader in digital asset financial services. Civic Wallet is a consumer digital wallet built using BitGo’s multi-sig technology. The wallet is the first of its kind and it is believed to enable people to store and transact crypto easily without compromising the security of the information. BitGo has come on board to boost the security of the customers' crypto and personal information.
Vinny Lingham, Co-Founder, and CEO of Civic has referred to it as the wallet of the future and stated that they are trying to build a new financial and identity ecosystem. He further added that the world needs to come up with more tools to lower the barrier for entering blockchain technology. The objective of the wallet is to make it easy and safe to transfer, hold, and use crypto so that even common people who are not technologically savvy can use it too.
The Civic Wallet will enable individual users to get more privacy and security in managing their cryptocurrency. Mike Belshe, Co-Founder and CEO of BitGO, stated that using Civic’s new wallet customers can retain all of their cryptos even if the customer loses his mobile containing the digital wallet’s private key. BitGo is considered as the market leader in digital asset financial services and supports over 100 coins and tokens. It is the world’s largest processor of bitcoin transactions, processing 15% of all global bitcoin transactions.
Civic has made use of blockchain technology built on top of identity.com and has created a network of trust. The wallet gives more control to the users on sharing their personal information. They can selectively choose the information they want to share with other third parties while making transactions. Users will have to pre-register to sign up with the wallet or have to be referred by someone from their network.
