Coincall’s Wallet-As-A-Service Aims to Foment Confidence
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Coincall’s Wallet-As-A-Service Aims to Foment Confidence

Photo by:   Image by Roy Buri from Pixabay
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Tomás Lujambio By Tomás Lujambio | Journalist & Industry Analyst - Wed, 08/09/2023 - 17:34

The prevailing lack of confidence in decentralized exchanges, coupled with a rising incidence of cyberattacks directly associated with cryptocurrencies, persistently dissuades potential investors from engaging with digital currency assets. To address this challenge, Coincall announced the launch of its wallet-as-a-service (WaaS) platform, allowing users to establish secure digital accounts, execute fund transfers, generate virtual cards, facilitate deposits and withdrawals, all within an “impregnable” framework.

"By harnessing cybersecurity architecture, granular risk control mechanisms and chain monitoring expertise, Coincall provides its users with unparalleled peace of mind in a secure trading environment," explains Jimmy Zhong, CEO, Coincall. Coincall’s WaaS platform is currently fortified by a robust digital wallet infrastructure, seamlessly supporting a spectrum of over 1,800 tokens across more than 70 blockchains.

Launched in June, Coincall’s platform rests upon the bedrock of Copper Custody and Clear Loop, two pillars that ensure a secure space for cryptographic operations. Furthermore, its risk management team, composed of experts from both conventional finance and cryptocurrency realms, maintain real-time oversight, safeguarding seamless operations without compromise.

Unsurprisingly, the ever-evolving landscape of technology has ushered in a paradigm shift, compelling cryptocurrency trading platforms to reconsider their security approach, pushing them to reinvent their arsenal against cyberthreats. Recent studies led by Chainalysis’ underscores such urgency, revealing that US$3.5 billion cryptocurrency assets were illicitly compromised during 2022.

Despite fluctuating media sentiment toward cryptocurrencies, Latin America has started to become a key region for these currencies as trust in digital assets continues to grow. Cryptocurrency transactions have emerged as a pivotal conduit for Latin Americans to send remittances back home from the US without having to pay excessive fees. However, fraud and cyberattacks against mobile e-wallet apps have also been on the rise, decreasing user confidence and endangering the safety of over US$1 billion remittances recorded by Bitso during 2022.

Unfortunately, cryptocurrency users are targeted through a wide range of sophisticated hacking techniques. First, locally stored private keys are vulnerable to theft, in both hot or cold wallets, given that malware can compromise access credentials. Second, password and key collection occurs when users input data on mobile apps with weak security measures. On the other hand, crypto wallets connected to decentralized platforms face man-in-the-middle (MiTM) threats during data transmission. Lastly, hackers employ modified wallet versions, emulators or malware to create fake accounts and perform unauthorized transactions.

Nevertheless, Coincall WaaS platform is an attempt to inspire and reinforce confidence to global users, promising a future where digital currencies thrive securely. In Mexico, where trust in digital assets has decreased amid cybersecurity concerns, Coincall's platform symbolizes a bridge to both security resilience and financial empowerment. 

Photo by:   Image by Roy Buri from Pixabay

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