Singapore, Dec 01, 2022 (GLOBE NEWSWIRE) — The latest FTX event has triggered a chain reaction in the market, and the fallout continues to remind the market that centralized custody presents its own risk. The Web3 ecosystem is still in its infancy and its infrastructure is not yet fully developed. When it comes to digital asset custody, most of the custody service providers in the market today cater to individual users or centralized platforms such as banks and exchanges. Some of these custody products designed for professional institutions and developers have advantages and disadvantages. However, they cannot fully satisfy the needs of consumers.

Safeheron, a self-custody provider of digital assets, introduced its Web3 suite of products on November 14 this year, offering a Web3 multi-signature governance solution for institutional clients. Its goal is to solve digital asset security issues in Web3 application scenarios so that institutional clients can securely interact with DeFi, NFT, GameFi, DAO, cross-chain bridging, and other Web3 applications.

The Safeheron Web3 suite of products consists of a mobile application, a browser extension, a web console, an API and SDK, as well as an offline recovery tool. Its solutions are based on Safeheron’s proprietary MPC and TEE architecture, which replaces a unique 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 features, allowing users to define flexible approval policies. Furthermore, it employs EOA wallet addresses and supports network switching between multiple EVM networks. Users initiate transactions through the browser and execute approvals in the mobile app, all while maintaining complete control over their private keys for secure interactions under instant risk detection at any time.

Currently, the Singapore-based digital asset self-custody provider has worked with several institutional clients of Web3, including hedge funds, crypto funds, and traditional financial institutions. Additionally, 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 their 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 in cryptography, security, and blockchain technology for several years. CEO Wade Wang is a co-founder of Dame.com, China’s largest concert ticketing e-commerce platform, and has a long history of trading. Chief scientist Max He, a former researcher at an army research institute, has successfully led a number of programs.

Safeheron and the Turing Institute, led by Professor Chi-Chih Yao, the introducer of MPC technology, have launched a joint laboratory to conduct novel research in the fields of multi-party secure computing, data security and blockchain. . They are dedicated to providing technology services to the public through their collaborative research efforts.

Safeheron, the leading MPC self-custody service provider in Asia, joined the MPC Alliance in April 2022 and is committed to collaborating with its peers to promote the growth of the platform. 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 our statements are backed by action while adhering to the highest security standards.”
— Wade Wang, CEO and Co-Founder of Safeheron

It is well known that Safeheron holds the only MPC+TEE digital asset custody technology patent in Asia and has been progressively opening up its underlying MPC algorithm and audit content. As a pioneer of privacy computing self-custody technology in Asia, Safeheron is committed to developing an open source and transparent digital asset security solution, and is one of the few digital asset self-custody service providers that has Mastered MPC technologies with open source. algorithms