ChainUp has launched a Web3 wallet solution based on MPC protocols to support Filecoin Virtual Machine (FVM) ecosystem

Singapore | March 22, 2023 04:16 AM Eastern Daylight Time

ChainUp Group founder and CEO, Sailor, commented, "We have launched an enterprise solution called the MPC (Multi-Party Computation) Wallet to assist our partners in managing digital assets with enhanced security and lower barriers. Our solution also offers a suite of enterprise solutions for institutional customers, including workflow management, shared wallet, and financial reporting. In addition, we provide a WalletConnect protocol-based solution for Web3 partners, enabling their applications to seamlessly integrate with the MPC Wallet and allowing them to focus on their core business activities.”

ChainUp Group recently announced the launch of a Web3 wallet solution that balances the Web3.0 users need for security and functionality. This new Web3 wallet solution leverages on ChainUp Custody Multi-Party Computation (MPC) technology and the MPC protocols, allowing users to securely manage their assets while exploring various DAPPs such as DEX, blockchain games, and NFTs. The solution currently supports over 10+ protocols including ETH, BSC, AVAX, and MATIC, and it is the first to support the Filecoin EVM ecosystem.

ChainUp has noticed a growing demand for Web3.0 solutions and an increase in the interest for the use cases in the DeFi ecosystem. There is currently no wallet available that can provide asset security while meeting the needs of Web3 users who want to explore decentralized finance (DeFi) applications. Most wallets on the market that support Web3 functionality use traditional private key management, which is relatively insecure.

MPC is a cryptographic protocol that allows a group of users to jointly generate and manage a private key without revealing any part of the key to any individual member. This means that even if one member's computer or device is compromised, the private key remains secure because it requires the cooperation of multiple members to access it. An MPC wallet works by splitting the private key into multiple shares and distributing them among a selected group of users or devices. When a transaction needs to be signed, the wallet combines the shares in a secure environment to generate the necessary signature. This method eliminates the need for a single point of failure, such as a single device or user, and makes it more difficult for hackers to steal the private key.

Overall, an MPC wallet can provide a higher level of security compared to traditional single-key wallets, which are vulnerable to attacks such as theft, loss, or hacking.

About ChainUp Group

Founded in 2017, ChainUp is a leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange systems, NFT trading systems, wallet solutions, and digital assets custody and management. Headquartered in Singapore and with offices around the world, the company has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.

For more information, please visit: www.chainup.com.

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