The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

New digital wallet could contain the solution for online payments security

Data security company Krypti claims the microtoken exchange security system used in its new digital wallet for storing bitcoin and other cryptocurrencies offers the most sophisticated protection against hackers on the market.

TS_security_780



In May, Krypti – which offers military-grade security based on the systems Visa and Mastercard use to digitally store credit card numbers – will launch what it claims will be the most secure digital wallet available on the market.

Despite years of hype around cryptocurrencies like bitcoin – alongside predictions about the death of cash – take-up of new digital currencies has been disappointing, except among traders attracted by their volatility. Early hopes that they could become an alternative means of payment have so far come to naught, with many suggesting security concerns were keeping the general public away.

Steven Russo_160x186
Steven Russo,
Krypti

The traditional approach has been to store data inside a vault, encrypt what’s inside, then surround it with firewalls to keep bad actors out. But this is no longer fit for purpose, says Steven Russo, executive vice-president and co-founder of Krypti.

“The problem with that today is that hackers have demonstrated that they can get inside these systems and take everything contained within.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree