Civic Technologies, the blockchain-powered identity, and payment solution provider, and BitGo, a provider of digital asset financial services, has announced the upcoming launch of Civic Wallet, the first consumer digital wallet built on top of BitGo’s multisig technology, to be released in the fourth quarter. Leveraging BitGo’s multisig technology, Civic Wallet enables consumers to have more control and security over both their crypto and their personal information.
Private & Control
Private keys are safely stored on the user’s mobile device, and redundant backup systems ensure that the digital wallet may easily be restored if a person’s mobile device is lost or stolen. Civic Wallet will leverage BitGo’s technology to enable users to store, send and receive crypto, as well as to enable account and funds recovery.
“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.”
– Vinny Lingham, co-founder and CEO of Civic
Civic uses blockchain technology built on top of identity.com and is creating a network based on trust. When a user signs up with Civic Wallet, they are authenticated as a real person, using blockchain-based technology that securely verifies a person’s identifiable information. 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.
“With the Civic Wallet, individual users are getting more privacy and security in managing their cryptocurrency than ever before,. 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.”
– Mike Belshe, Co-Founder and Chief Executive Officer of BitGo