Blockchain-based identity startup Civic Technologies has partnered with BitGo to develop a digital asset wallet that will offer anonymity to its users.
According to Tuesday’s announcement, the wallet will be built on top of BitGo’s multisig technology and will allow users to store and transact cryptocurrencies without revealing their identity.
Commenting on the development, Vinny Lingham, co-founder and CEO of Civic, said: “We’re building a new financial and identity ecosystem. This is the wallet of the future. 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.”
Maintaining user privacy
The company detailed that it would only store minimum user data required only for KYC and other compliance purposes. Although the wallet will leverage BitGo’s cryptographic storage to retain redundant client signature, Civic assured that it would not share any user data with the company.
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Civic focuses on building a privacy-centric blockchain platform and partnered with 12 vending machine providers in April to introduce age verification and identification solutions in retail locations. It also raised $33 million in 2017 via a token sale, when the initial coin offering (ICO) market was at its peak.
The company is planning to launch the privacy-focused wallet in the fourth quarter of this year.
Earlier this year, BitGo announced that it had received a service organization control (SOC) 2 Type 2 certification from an external audit firm, which added more trust to its security layer.
“With the Civic Wallet, individual users are getting more privacy and security in managing their cryptocurrency than ever before,” Mike Belsh, co-founder and chief executive of BitGo, added. “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.”