Decentralized peer-to-peer (P2P) Lending Platform ZPER is using features from digital security semiconductor group Trustonic in its new mobile cryptocurrency wallet, claiming that it will be the most secure available.
According to a press release last week, from Trustonic, when ZPER’s wallet launches next year, it will store value on the user’s smartphone rather than in the cloud. The wallet will also be able to store and exchange multiple cryptocurrencies, thus enabling P2P cross-border value exchanges.
Trustonic said its Application Protection (TAP) solution provides the best possible security for cryptocurrency mobile wallets on every device, as the user’s private key is stored in hardware, when available. It further explained that TAP creates a trusted device ID, which authenticates all parties involved in a transaction and ensures confidential information is protected and secure.
The company said that over 1.5 billion devices are already equipped with the Trustonic Trusted Execution Environment (TEE) to deliver hardware-level security, while devices without a TEE can leverage the most sophisticated software protection available, including white box cryptography and code protection techniques.
“From the beginning, ZPER has prioritised security in cryptocurrency, because, without a solid security foundation, our product is not scalable,” said Joon Bum Kim, CEO of ZPER in the statement. “Until now, mobile financial services required separate security tokens and OTP generators, which were costly for financial institutions to implement and had a negative impact on the user experience. Trustonic’s solution solves this security problem by enabling simpler, faster and safer financial transactions using the consumer’s smartphone.”
“Consumers expect to be able to manage their lives on their smartphones and it is up to us, as advanced technology innovators, to make that happen in a scalable and user-friendly way, while always addressing security concerns,” said Trustonic’s CEO, Ben Cade in the statement. “TAP provides the best app security available, coupled with an excellent user experience. Its ability to achieve these goals is driving huge demand from across the financial sector and ZPER’s cryptocurrency wallet is a perfect example of what can be achieved.”