Penta Security Systems Inc., a provider of data, IoT, and blockchain security solutions and services, today announced the release of PALLET X, an advanced cryptocurrency wallet tailored for digital asset enterprises such as cryptocurrency exchanges and payment service providers in need of secure, effective, and practical wallet management.
Created by Korea’s leading IT security experts with over 20 years of professional experience in cryptography, PALLET X is available as a server-type hardware appliance that provides reliable hot storage, with the option of cold wallet integration.
PALLET X is a multisignature wallet that requires more than one signature for transaction authorization. Distributed access control is essential for maximizing systematic efficiency in managing enterprise assets, while providing effective protection against hacking attempts and rogue insiders.
Other features designed to provide exceptional key protection include: a proprietary cryptographic module developed in compliance with BIP-32/39/44 standards for third-party wallet compatibility; a Hardware Security Module (HSM) to provide a fully trusted environment for wallet generation and management; “Shamir’s Secret Sharing” for privacy-enhanced recovery phrase storage; and biometric authentication. Already, several Korean exchanges have deployed PALLET X to strengthen their wallet security.
Other PALLET products include a mobile wallet, a hardware wallet, a card-type wallet, and an IoT-optimized blockchain chip. Together, they allow seamless security across environments while providing asset liquidity and efficient transactions. All PALLET products are built upon a common technical foundation, Penta Crypto Wallet Framework (PCWF), which utilizes proprietary algorithms and transaction protocols to enable institutional-grade security. The release of a custody solution aimed at financial institutions is underway.
[perfectpullquote align=”full” bordertop=”false” cite=”Chief Strategy Officer, Penta Security, DS Kim ” link=”” color=”” class=”” size=””]”With global IT giants accelerating blockchain adoption, we expect growing demand for enterprise-ready security solutions. As a recognized leader in encryption and as Asia’s top cybersecurity vendor, we embrace this momentum by launching our wallet security platform that stands out for providing total security across operational environments, from client to server.”[/perfectpullquote]