Civic Technologies partnered with BitGo to create the Civic wallet for digital currencies which will be released by the end of the year.
Civic Technologies is a company founded in 2015 in California with an aim to help people gain governance over their digital identities. Civic is securing the transfer of personal information. After an ICO fundraising in 2017, the company launched a blockchain-based online market for identity verification services. The mission of the team is revolutionizing identity.
BitGo was founded by Mike Belshe in 2013 and is focused on helping institutional investors to enter into the crypto space by providing them high-security wallets. The company’s purpose is bringing responsibility and trust into cryptocurrency.
The companies are moving toward a new era for digital wallets by moving the identity data and crypto coins into smartphones. The new crypto wallet is highly convenient for storage and exchange of cryptocurrency.
The chief executive officer of Civic Technologies said that this collaboration is a pathway to a better ecosystem of identity and finance. The Civic Wallet is the future of cryptocurrency storage and it will open an opportunity to use crypto coins for those who aren’t experienced with technology.
By using the unique technology of BitGo the Civic Wallet facilitates the control of their own data and currencies by users. The wallet’s Private keys are kept in the phone and numerous systems guarantee that in case something happens to the phone, the coins are not lost. The technology will also help to restore coins and accounts.
The blockchain network is utilized to create a well-trusted and transparent system. After signing up, the customer is authenticated as a real person by the technology that the wallet operates on. However, the company manages to do this without sharing the information. The wallet users will be able to share their identity with third parties only after verifying it. For instance, this will be useful when buying age-restricted goods or services.