{"id":22014,"date":"2023-06-13T10:29:21","date_gmt":"2023-06-13T14:29:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-storage-solution-from-censo-brings-self-custody-to-mobile-phones-how-does-it-work\/"},"modified":"2023-06-13T10:29:22","modified_gmt":"2023-06-13T14:29:22","slug":"crypto-storage-solution-from-censo-brings-self-custody-to-mobile-phones-how-does-it-work","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22014","title":{"rendered":"Crypto Storage Solution from Censo Brings Self-Custody to Mobile Phones \u2013\u00a0How Does it Work?"},"content":{"rendered":"
\n

FinTech company Censo has launched a mobile-phone based self-custody crypto wallet for institutions and organizations.<\/p>\n

In a Monday\u00a0press release, the company detailed that its new wallet provides a “truly decentralized key management solution” that is expected to be easier to use and less expensive than existing technologies.\u00a0<\/p>\n

Censo noted that it does not employ multiparty computation (MPC), a key-sharding technology often used in institutional crypto custody arenas.\u00a0<\/p>\n

In fact, traditional institution-grade custody services for digital assets have often been costly and not straightforward because they employ technologies like MPC, which require specialized hardware and software.<\/p>\n

\u201cCenso leverages the secure hardware enclaves present in today\u2019s mobile devices together with their biometric gating to tightly bind cryptographic keys to an organization\u2019s users\u2019 nuanced real-world roles,\u201d Brett Falk, research assistant professor at the University of Pennsylvania, said in a comment.\u00a0<\/p>\n

\n

\u201cIt makes a very compelling case as an alternative to MPC for organizations who want truly decentralized key management and self-custody.\u201d<\/p>\n<\/blockquote>\n

Censo’s Self-Custody Wallet is Open-Source<\/h2>\n

Censo said its new technology is open source, allowing users and developers to verify the code themselves.\u00a0<\/p>\n

Furthermore, the company’s model focuses on using mobile devices’ existing secure hardware and biometric functions to create a cost-effective solution.<\/p>\n

Censo’s offering comes as the world of custody solutions for digital assets is changing rapidly, with open, accessible, and cheaper approaches increasing in popularity.\u00a0<\/p>\n

Traditionally, keeping digital assets secure and accessible has been difficult for many firms, particularly smaller organizations, with existing technologies like MPC requiring a lot of resources.\u00a0<\/p>\n

However, courtesy of Censo’s less expensive technology, it could make self-custody more accessible to smaller companies and encourage wider adoption of cryptocurrency.<\/p>\n

\u201cThere\u2019s a lot of \u2018decentralization theater\u2019 out there. This exposes organizations to unacceptable risks, the unfortunate results of which we witness time and time again,” Censo CEO Andrew Lawrence said.<\/p>\n

\n

“Custody solutions and key-handling software absolutely need to be open source and decentralized. We’re excited to provide this game-changing tech to our customers and help them take complete control of their digital future.\u201d<\/p>\n<\/blockquote>\n

With the continued growth of the crypto industry, the demand for custody services is expected to further increase.\u00a0<\/p>\n

Traditional financial institutions have also entered the space, recognizing the potential of crypto and the need for trusted custody solutions.\u00a0<\/p>\n

As reported, Nasdaq\u00a0aims to launch\u00a0its much-anticipated crypto custody service by the end of the second quarter to meet the increasing institutional interest and demand for crypto services.\u00a0<\/p>\n

The global exchange group has already applied to the New York Department of Financial Services for a limited-purpose trust company charter, which would oversee the new business.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FinTech company Censo has launched a mobile-phone based self-custody crypto wallet for institutions and organizations. In a Monday\u00a0press release, the company detailed that its new wallet provides a “truly decentralized key management solution” that is expected to be easier to use and less expensive than existing technologies.\u00a0 Censo noted that it does not employ multiparty […]<\/p>\n","protected":false},"author":1,"featured_media":22015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-22014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCrypto Storage Solution from Censo Brings Self-Custody to Mobile Phones \u2013\u00a0How Does it Work? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"FinTech company Censo has launched a mobile-phone based self-custody crypto wallet for institutions and organizations.In a Monday\u00a0press release, the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=22014\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Storage Solution from Censo Brings Self-Custody to Mobile Phones \u2013\u00a0How Does it Work? 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