Offered as ushering in a new level of security for blockchain implementations, Vaultify Trade is designed to enable banks, exchanges, and investment companies to leverage tokens to securely store and transfer virtual assets on blockchain. The platform, says the company, is the first product that enables such financial institutions to leverage tokens to secure the purchase, storage, exchange and sale of cryptocurrencies.
“Crypto assets are on the verge of going mainstream,” says Jerome Nadel, GM of Payments and CMO, Rambus, “but many of today’s consumers find cryptocurrency to be inaccessible and confusing, and are concerned by high-profile hacks. In order to accelerate adoption, consumers are seeking a secure, familiar way to access, trade, and own crypto assets through their trusted banking or trading apps.”
“With over 100 billion transactions secured by Rambus technology, Vaultify Trade is a logical extension of our tokenization expertise,” says Nadel. “Banks, exchanges and investment houses can now quickly incorporate blockchain technologies into their product portfolios, armed with the confidence that data, value and assets are secure.”
Vaultify Trade combines multi-signature – which requires additional distributed keys for recovery and authentication of transactions – with proven, bank-grade tokenization technology to enhance security, confidentiality, and privacy by replacing sensitive credentials – such as private keys for blockchain and crypto assets – with a non-sensitive equivalent token that is unique to each transaction.
Unlike the private keys used to authorize blockchain transactions, tokens cannot be used by a third party to conduct transactions if intercepted. By replacing sensitive private keys with a limited use token that can include domain controls for device or channel, tokenization mitigates fraud risk and protects the underlying value of credentials. This reduces cryptocurrency security risks, which have led to enormous losses, adverse brand impact, and suspensions of trading, says the company.
Key platform features include:
- Tokenized Security – Replaces sensitive private keys with domain-specific tokens to secure the transaction and storage of digital assets, limit vulnerabilities, and improve trust.
- Multi-Signature – Multi-signature wallets require at least two signatures to confirm a transaction, increasing security and preventing fraud, while enabling faster transactions.
- Segregated Wallets – Combine the security benefits of an offline cold wallet with the convenience of an online wallet through multi-factor authenticated access to an online segregated wallet.
- White-label app and SDK – The Vaultify platform can support a white-label app or an SDK, allowing consumers to easily access and trade cryptocurrency through their usual mobile and desktop banking portals.
Rambus will be demoing Vaultify Trade during the Money 20/20 conference in Las Vegas at the Sands Expo Center.
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