Blockchain Identity Firm Civic Teams With Crypto Firm BitGo On Consumer Crypto Wallet

News | July 24, 2019 By:

Blockchain identity verification company Civic has teamed with blockchain security and crypto wallet firm BitGo to develop a consumer crypto wallet, which will be released in the fourth quarter.

Civic allows people to control the use of their identity information using cutting edge identity verification technology to secure and protect personal information transfer. The cryptocurrency associated with Civic (CVC) is provided as a reward for both the validators verifying a given identity and users for trusting the Civic platform with their information.

BitGo offers institutional crypto financial services and provides clients with security, compliance, custodial, and liquidity solutions. Last year, the firm launched BitGo Trust Company, a qualified custodian purpose-built for storing digital assets. At present, BitGo supports over 100 coins and tokens, and has over $2 billion in assets in wallet.

The two firms are working together to develop the Civic Wallet, which will be built on top of BitGo’s multisig technology. The wallet will reportedly enable consumers to have more control and security over both their crypto and their personal information. Bitgo’s technology will allow Civic Wallet users to store, send and receive crypto, as well as to enable account and funds recovery.

“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 said. “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.”

Vinny Lingham, co-founder and CEO of Civic, claims that 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.

“We’re building a new financial and identity ecosystem. This is the wallet of the future,” said Lingham. “The world needs tools that lower the barrier to entry for blockchain technology.”

Mike Belshe, Co-Founder and Chief Executive Officer of Bitgo, said that the Civic Wallet will give individual users more privacy and security in managing their cryptocurrency.

“It used to be that if you lost your mobile device, containing your digital wallet’s private key, you lost all of your crypto,” Belshe said. “This is not the case with Civic’s new wallet. This is a big step forward for individual users.”