Civic's Vinny Lingham joined us at the Digital Money Forum last week to talk about his new money transfer platform - a worldwide system that holds no funds but instead connects multiple money services businesses in a global network.
The product, called Civic Wallet, will let users carry cryptocurrencies and fiat currency on their own devices and uses Civic's facial recognition systems to secure the system.
Because Civic holds none of the keys or currencies, the clients and MSB endpoints will use the wallet as a sort of piping.
Lingham said his product uses Civic's Secure Identity Ecosystem to reduce dependence on complex keys.
Because it uses facial recognition there are no seed phrases and restoring your wallet is as simple as looking at your phone.
"It's literally using your face as the key as opposed to anything else, so I don't need to remember any passwords," he said.
Lingham demonstrated the app to us at CES 2020 last week.
"The app is launching to our private list with over 100,000 people on it worldwide at the end of February. We'll start sending on invites aggressively, and then the public launch is gonna be in March," he said.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Watch Civic's CEO Talk About His New Cross-Border Payment System
gepubliceerd op Jan 17, 2020
by Coindesk | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.