Singapore, Dec. 01, 2022 (GLOBE NEWSWIRE) — The most recent FTX event has triggered a chain reaction in the market, and the aftermath continues to remind the market that centralized custody poses its own risk. The Web3 ecosystem is still in its infancy, and its infrastructure is not yet completely developed. When it comes to digital asset custody, the bulk of custody service providers on the current market cater to individual users or centralized platforms, such as banks and exchanges. Some of these custody products designed for professional institutions and developers have both benefits and drawbacks. However, they cannot satisfy the needs of consumers in their entirety.
Safeheron, a digital asset self-custody provider, debuted its Web3 product suite on November 14 of this year, offering a Web3 multi-signature governance solution for institutional customers. They aim to solve the security issues of digital assets in Web3 application scenarios so that institutional customers can safely interact with DeFi, NFT, GameFi, DAO, cross-chain bridges, and other Web3 applications.
The Safeheron Web3 product suite consists of a mobile application, a browser extension, a Web console, an API and SDK, as well as an offline recovery tool. Their solutions are built on Safeheron’s proprietary MPC and TEE architecture, which replaces a single private key with private key shards, effectively mitigating the inherent risk associated with private keys having a single point of failure. It has the security level of a hardware wallet and supports multi-signature approval functions, allowing users to define flexible approval policies. In addition, it employs EOA wallet addresses and supports network switching between several EVM networks. Users initiate transactions through the browser, and execute approvals in the mobile application, all while maintaining complete control over their private keys for secure interactions under instantaneous risk detection at any time.
Currently, the Singapore-based digital asset self-custody provider has worked with a number of Web3 institutional clients, including hedge funds, crypto funds, and traditional financial institutions. Furthermore , they have formed a strategic partnership with MetaMask to examine the potential of MPC technology to enhance wallet security capabilities, making them one of the few Chinese organizations to have exported its technical solutions internationally.
Safeheron was founded in 2019 by Wade Wang, Max He, and Bruce Wang, who have extensive experience with real-world secure hosting and have worked on cryptography, security, and blockchain technology for a number of years. CEO Wade Wang is a co-founder of Dame.com, China’s largest concert ticketing e-commerce platform, and has an extensive track record in commerce. Chief Scientist Max He, a former researcher at an army research institute, has successfully directed a number of programs.
Safeheron and the Turing Institute, led by Professor Chi-Chih Yao, the introducer of MPC technology, have launched a joint lab to perform novel research in the fields of multi-party secure computing, data security, and blockchain. They are dedicated to providing technological services to the public through their collaborative research efforts.
Safeheron, the leading MPC self-custodial service provider in Asia, joined the MPC Alliance in April 2022 and pledged to collaborate with peers to promote the platform’s growth. Yunqi Partners and Web3 Vision led a $7 million Series Pre-A funding round for Safeheron in August of this year.
“Safeheron has always maintained an open and transparent attitude of open source credibility, ensuring that our statements are backed by action while adhering to the highest security standards.”
— Wade Wang, CEO and co-founder of Safeheron
It’s well known that Safeheron holds the only MPC+TEE digital asset custody technology patent in Asia and has been progressively open-sourcing its underlying MPC algorithm and auditing content. As the pioneer of privacy computing self-custody technology in Asia, Safeheron has been committed to developing an open source and transparent digital asset security solution, and is one of the few digital asset self-custody service providers to have mastered MPC technologies with open source algorithms.