New Wallet by BitGo and Civic to be Released Soon
By Mark Lemon - Cryptocurrency Professional
Blockchain security firm BitGo and decentralised identity start-up company Civic, are planning to release a new wallet that makes use of BitGo's multi-sig technology in Q4 2019.
On July 23rd, a press release shared with Cointelegraph reported that the two organisations' "Civic Wallet" will host both identity and cryptocurrency data on mobile devices. Users may be able to utilise this data to help them buy and sell Bitcoin.
Vinny Lingham, CEO and co-founder of Civic said in a press release, "We're building a new identity and financial ecosystem." Lingham further voiced greater interest for lowering the barrier-to-entry into the blockchain environment for customers so more can get involved to possibly sell XRP or another asset direct from the wallet.
With the help of BitGo's multi-sig security technology, the wallet will require user’s complete identity authentication using a blockchain system for security verification. The underlying data, according to the press release, won't be shared between parties and hopes to provide greater control of personal classified information. As the industry is completely online, you can never be too careful with your data when making a Bitcoin investment.
“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.”
Users are likely able to cash out crypto directly for these products.
BitGo CEO and co-founder Mike Belshe emphasised that technologies these days are a huge step forward for crypto users. If, for instance, anyone loses their mobile device that contains their wallet's private key, the backup system will be able to restore their crypto data and belonging.
Many are still sceptical to use their phone for these activities, but a system like this will provide greater reassurance for users to buy and sell cryptocurrency and store within their phones. This could also be an entry to those without a computer and are more likely to adopt through phone use.
There is an issue with the Civic Wallet in which sign-ups are restricted to a referral by someone in a user's network or pre-registration. This does contradict Lingham’s interests in lowering barriers for entry as you need to know someone involved to buy crypto to store within this wallet.
Don’t forget to head over to our site to cash out Bitcoin to GBP through your trusted Bitcoin broker.