Japanese financial services giant SBI plans to develop a proprietary crypto-wallet in partnership with Danish cryptography firm Sepior ApS to secure the on-line contents and transactions on SBI’s Virtual Currencies exchange platform VCTRADE.
SBI has agreed to license Sepior’s ThresholdSig Wallet Security technology to develop the wallet for VCTRADE, which is Japan’s first bank-backed, government-licensed cryptocurrency exchange. Sepior will provide the key enabling software, toolkits, and licenses for SBI to implement wallet security services.
As an institutional-grade cryptocurrency exchange, VCTRADE requires to meet critical requirements such as the ability to provide custodial wallet services with the highest level of security for signing transactions.
The launch was delayed due to security concerns that cropped up after the massive hack at the Tokyo-based crypto exchange Coincheck in January. The firm was registered as a crypto exchange and trading business in September 2017.
SBI Holdings had first revealed its crypto exchange plans in October, 2016. SBI Virtual Currencies Co., Ltd. was established in November, 2016 with 300 million yen in working capital.