SBI Group Teams With Sepior To Develop Secure Online Wallet For Its Crypto Exchange

News | October 24, 2018 By:

Japanese financial services giant SBI Group has partnered with blockchain security startup Sepior ApS to develop a proprietary wallet for its crypto exchange VCTRADE.

Established in 1999, SBI Group is a financial services company group based in Tokyo. It has formed the world’s first Internet-based financial conglomerate, providing financial services in a broad range of fields including securities, banking and insurance. It has made focused investments in the IT and biotechnology sectors, as well as Fintech, Internet of Things (IoT), artificial intelligence (AI), and blockchain. In June of this year, SBI launched VCTRADE, which is one of the 16 government-approved crypto exchanges in Japan.

Based in Denmark, Sepior is enabling trust for online financial transactions and enterprise data protection applications, such as cryptocurrency custodial wallets, public or private blockchains, and cloud-based SaaS offerings, using threshold-based multiparty computation (MPC). Its customer-definable security framework operates with any hardware, virtual device, or platform, using a distributed-trust model. The security framework was optimized for current and emerging FinTech, cloud, IoT, and distributed ledger applications and services.

The two companies have signed an agreement to license Sepior’s Threshold-Sig Wallet Security technology and to jointly develop a proprietary wallet to secure online content and transactions on VCTRADE. Sepior claims that its technology allows faster signing of transactions involving multiple parties and “eliminates the need for any device or entity to possess the entire private key at any time, making it effectively impossible for an attack to result in key theft.”

Yoshitaka Kitao, Representative Director, President and CEO of SBI Holdings, said that after extensive investigation, their security research team determined threshold signatures based on MPC offered thei desired level of security, performance, and scalability needed to manage transactions for their growing VCTRADE customer base.

“Sepior is recognized as a market leader in cryptography and threshold MPC,” said Kitao. “They’ve applied these core competencies to facilitate secure on-line transactions without the classic reliance on a single trusted party.”

Ahmet Tuncay, chief executive officer of Sepior, said that Sepior’s Threshold-Sig Wallet Security technology will allow VCTRADE to set new industry benchmarks for security, performance, scale, and privacy.

“Sepior is proud to be SBI’s trusted development partner and technology provider in this endeavor,” Tuncay said.