• Censo, a FinTech company, has launched a mobile-phone based self-custody crypto wallet for institutions and organizations.
• The wallet provides a “truly decentralized key management solution” that is easy to use and cost effective.
• Censo’s Self-Custody Wallet is Open Source, allowing users and developers to verify the code themselves.
Censo Brings Self-Custody to Mobile Phones
FinTech company Censo has launched a mobile-phone based self-custody crypto wallet for institutions and organizations. This “truly decentralized key management solution” provides an easier and more cost effective way to store digital assets than existing technologies like multiparty computation (MPC). It also allows users and developers to verify the code since it open source.
How Does it Work?
The new technology focuses on utilizing existing secure hardware enclaves present in today’s mobile devices in combination with biometric gating for tightly binding cryptographic keys to an organization’s user roles. With this approach, users can securely access their digital assets while not having to worry about installing expensive hardware or software solutions.
Cost Effective Solution
Traditional institution grade custody services are often expensive due to the need of specialized hardware and software. However, Censo’s model offers an accessible alternative which is expected to increase adoption of cryptocurrency among smaller firms as well.
Open Source Code
The code behind Censo’s Self Custody Wallet is open source so that users can easily verify its safety before use. This makes it possible for customers take complete control of their digital future without worrying about security issues typical of other custody models.
Game Changing Technology
According to CEO Andrew Lawrence, the game changing technology provided by Censo will help avoid the risks associated with traditional custodial solutions by providing truly decentralized key management that is both secure and cost effective.