Civic Wallet Will Be Safer and More Convenient Than Other Solutions in the Marketplace
SAN FRANCISCO–(BUSINESS WIRE)–Civic Technologies, the premier blockchain-powered identity and payment solution provider, and BitGo, the leader in digital asset financial services, today announced the Civic Wallet, the first consumer digital wallet built on top of BitGo’s multisig technology, which will be released in the fourth quarter.
Civic is paving the way for the next generation of digital wallets, where both identity information and crypto live on mobile devices. With the easy-to-use Civic Wallet, people may store and transact crypto easily, privately, and securely. This represents safety and simplicity in a way that the industry has not known before.
“We’re building a new financial and identity ecosystem. This is the wallet of the future,” said Vinny Lingham, co-founder and CEO of Civic. “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.”
Leveraging BitGo’s multisig technology, 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 leverage Bitgo’s technology to enable users to store, send and receive crypto, as well as to enable account and funds recovery.
Civic uses blockchain technology built on top of identity.com and is creating a network based on trust. When a user signs up with Civic Wallet, they are authenticated as a real person, using groundbreaking blockchain-based technology that securely verifies a person’s identifiable information. Civic does this without sharing the underlying data between multiple parties, thereby gives users more control over their personal information. Once they have a Civic Wallet, users are able to selectively share parts of their verified identity with third parties, for example, purchasing age-restricted products anonymously.
“With the Civic Wallet, individual users are getting more privacy and security in managing their cryptocurrency than ever before,” said Mike Belshe, Co-Founder and Chief Executive Officer of Bitgo. “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.”
Users can only sign up with the Civic Wallet if they pre-register or if are referred by someone from their network.
BitGo is the market leader in digital asset financial services, providing institutional investors with security, compliance, custodial, and liquidity solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens, and has over $2 billion in assets in wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DCG, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
Civic is a visionary blockchain identity-verification technology that allows consumers to authorize the use of their identities in real time. They are spearheading the development of an ecosystem that is designed to facilitate on-demand, secure and low-cost access to identity-verification services via the blockchain. Civic recently introduced a Civic token that participants in the ecosystem will use to provide and receive identity-verification-related services.