Safeheron raises funds boosting private keys and safe wallets
The Singapore-based Safeheron raised $7 million in a pre-Series A funding round
Crypto enthusiasts pledge to create a decentralised financial system that enables unrestricted trading without the use of middlemen. Recent security breaches suggest that the decentralised society may not yet be functioning as smoothly as its proponents want.
Entrepreneurs fueled by venture funding are rushing to strengthen the security of crypto applications because of this. One of them is Singapore-based Safeheron, which just completed a pre-Series A investment round for $7 million.
Safeheron’s objective is in securing private keys. Private keys, which are essential to decentralised crypto apps, allow users to take ownership of their digital assets through self-custody wallets as opposed to giving that power to a centralised organisation.
Although this arrangement has hazards, in the absence of a centralised entity taking responsibility, consumers have no way to retrieve their assets if hackers obtain certain secret codes and empty the associated wallets.
The multi-party computation (MPC) idea which was first put forth by a Turing Award winning scientist, serves as the inspiration for Safeheron’s approach to bolster the security of private keys. In contrast to the traditional method of depending on one private key to authorise transactions, MPC works in the context of digital assets by splitting the signing process between numerous computers.
Safeheron boasts 20 clients that collectively have more than $100 million in cryptocurrencies under custody, and they have enabled more than $4 billion in transactions utilising Safeheron’s wallet as a service.
