Startup Civic Technologies, in partnership with BitGo, will develop a cryptocurrency wallet with backup capability, focused on the anonymity of users.
Civic Wallet will be developed jointly with Civic Identity, Identity.com and Civic Pay. At the same time, the company plans to keep a minimum amount of user data for account recovery and compliance with regulatory requirements. It is noted that this data will not be transferred to BitGo, which stores client signatures.
Basically, BitGo works with corporate clients, providing a secure hot wallet for companies that carry out a large volume of transactions.
“Civic has found a way to use multi-signatures to work at the consumer level,” said BitGo CTO, Ben Chan.
The wallet will support “several cryptocurrencies familiar to the community” and will provide users with the ability to “store, send and receive cryptocurrencies,” said a Civic spokesman. The company will also present a number of features similar to traditional bank account options, such as daily limits.
In addition, the keys will be stored on the user’s mobile device to simplify login. When connected to the wallet, the company will identify the customers’ identity using the blockchain solution from Identity.com, which the company acquired in 2018.
Civic plans to release the wallet in the fourth quarter of 2019. Recall that in the spring of this year, Civic launched the production of vending machines for the sale of beer for tokens.