Elliptic has partnered with Gem to further accentuate Gem’s offering of bitcoin wallets.
The most important part of holding bitcoin is safeguarding the private keys (or passwords) to the account. A typical multi-signature wallet has three unique private keys, two of which must be submitted before a transaction is authorised. In most situations the client is responsible for two of the keys and the wallet provider holds the third.
In the new partnership, Elliptic will act as a trusted and independent third party to provide insured storage of the third (backup) private key. Gem, Elliptic and the client will each hold one of the keys. If the client loses their private key, Gem and Elliptic will use their private keys to sweep funds into a new account. Distributing private keys across two trusted parties, and the addition of Elliptic’s insurance cover, provides clients with a higher level of security than can be achieved through a single multi-signature provider.
“This is a major leap forward for multi-signature technology,” said Gem CEO Micah Winkelspecht. “Now clients can rest easy knowing that even if they lose their private key, they can rely on two independent parties to secure their assets.”
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
The key points of discussion at 2017's EuroFinance conference in Barcelona on Wednesday were how to deal with the geopolitical uncertainty that is being seen the world over, regulation, automation and cybersecurity.