Evervault, a provider of the tools developers need to build encrypted apps, has released a new service that stores seed phrases for crypto wallets using its enterprise-grade encryption. The service aids in preventing the problems of hackers attempting to steal crypto and users misplacing crucial information.
12:18:24 (pronounced “twelve, eighteen, twenty-four”), named after the most common lengths of seed phrases, utilizes Evervault’s industry-standard encryption technology to securely store the vital seed phrases used to access cryptocurrency wallets.
Access to 12:18:24 costs $1 per wallet per month or $10 per wallet per year and is secured using industry-standard security features including strong passwords and biometric information. Those interested can now sign up to the 12:18:24 waitlist and will be given access to the service in the weeks ahead.
As a leading encryption business, Evervault’s automatic encryption technology is used by financial technology and health information businesses to protect sensitive data and reduce the risk of breaches.
Seed Phrase + Evervault
A seed phrase consists of a sequence of 12 to 24 words generated when creating a cryptocurrency wallet that gives customers access to the wallet. If these phrases are lost or stolen then people are locked out of their accounts, losing their cryptocurrencies.
With 12:18:24, customers enter their seed phrases into Evervault’s secure hosted service for safekeeping. Evervault automatically encrypts the information before storing it, meaning only customers are able to access the information when they need to use their seed phrases. All cryptographic operations happen inside Evervault’s E3, powered by AWS Nitro Enclaves.
Once users input a seed phrase into their 12:18:24 account it’s kept secure, which mitigates the risk of losing access to their wallets or letting hackers into them by printing out a copy of their seed phrase. Customers can pay per wallet to store as many seed phrases as they like inside their 12:18:24 account, giving each seed phrase a name that relates to the wallet it is used for.
“It’s exciting to see the rise of Web3 and crypto services, but this popularity has been accompanied by a similar rise in the number of cybersecurity incidents in the space. There’s no reason why owning crypto means anyone should be less secure than storing fiat currency in online banking, and Evervault’s new 12:18:24 service will keep crypto wallets safe using encryption tech that’s even more secure than many traditional finance businesses.”
– Evervault CEO, Shane Curran