An official report from crypto trading platform INX dated May 3 confirms the launching of a unique Web3 wallet for institutional clients. The announcement revealed that the INX developer collaborated with BitGo infrastructure experts to develop the new wallet.
The team behind the new wallet utilized multi-party computation (MPC) technology to develop a digital asset that will meet the needs of the institutions. The wallet was positioned on the Ethereum network and fully complied with the global standards of ERC-1404.
Features of MPC Wallet
Reportedly, in 2018 the ERC-1404 requirements were implemented to support the compliance of Ethereum-powered tokens. Launching the international compliance standards of Ethereum tokens necessitated the users to undergo multiple identity verification processes before completing a transaction with institutional clients.
The INX new wallets uphold conformity with cybersecurity protocols and current custodial standards. Besides the compliance measures, the new wallet has adopted a restrictive approach to prevent non-compliance.
According to the May announcement, INX securities holders will be restricted from accessing private keys to specific user accounts. The new wallet has integrated cutting-edge technologies that enable employees to access institutional tools.
Furthermore, the digital wallet enables the management to control and supervise the employees. The unique features on the wallet will allow the management to assign duties to employees in the administration and support fields.
Some institutional roles the Web3 wallet will manage include approving, administration and viewing tasks. Alternatively, the wallet can be utilized to control customers’ assets.
Significance of Web3 Wallet to Institutional Customers
The classification feature on the new wallet can be utilized to split the assets into their respective wallets. At the primary development of the Web3 wallet, the MPC features were integrated to support splitting the user’s private keys into mutiple shards.
The divided keys are later combined to complete crypto transactions. The announcement illustrated that the intergration will provide approvers an opportunity to engage with their client.
Beyond this, the feature on the wallet enables institutions to provide their clients with complete control of their assets.Commenting on the endless benefits of the MPC wallet, the head of platform sales at BitGO, Lisa Jowett, stated that the exceptional features of the new product would enable institutional clients to explore the Web3 sector more effortlessly.
She added that the digital wallet could connect to the INX platform more seamlessly while upholding the security protocols. As such, the MPC wallet feature will support the growth of Web3 adoption.
After the successful launch of the MPC wallet Greenbriar Capital extended its support to enable the INX team to release its first-ever equity token. Despite the commendable achievements, INX advisor Douglas Borthwick predicted that the crypto asset would soon shift to the blockchain network.