Civic to develop new crypto wallet using BitGo's MultiSig Technology

Blockchain identity firm Civic Technologies has partnered with BitGo to develop a new crypto wallet.

As per a press release, the new Civic Wallet will utilize BitGo’s multi-sig technology. It will offer customers a secure, private, and simple way of storing and transacting cryptocurrencies while retaining control over their personal data.

Private keys will reportedly be kept on the mobile devices of the users, and backup systems will ensure wallet restoration in case of theft of mobile devices.

“With Civic Wallet, individual users are getting more privacy and security in managing their cryptocurrency than ever before,” Mike Belshe, BitGo Co-Founder and CEO, said.

“It used to be that if you lost your mobile device, containing your digital wallet’s private key, you lost all of your crypto. This is not the case with Civic’s new wallet.”

Furthermore, Civic Wallet will use blockchain to verify the identifiable information of users without sharing the underlying data between parties. Users can also select what portions of the verified identity they want to share with third parties.

Describing it as “the wallet of the future,” Vinny Lingham, Civic Co-Founder and CEO said that “The world needs tools that lower the barrier to entry for blockchain technology,” noting that Civic Wallet can cater to people who are even not technologically savvy.

The Civic Wallet is slated to be released by the end of the year.

Civic also recently announced the expansion of its Civic Pay app with 12 automated retail partners, in a bid to offer customers identity verification, payment, and rewards into a single transaction.