Self-Secured Custody (Wallet Private Key) for digital assets: MasterKey 2.0 attracts 2,000+ Users
3rd JAN 2023 | As of MasterKey 2.0 launch in December 2022, MasterKey now has 2,000+ newly subscribed and private key protected users using its new Polygon and Microsoft Azure infrastructure.
Demand for wallet private key protection is rising due to the bankruptcy of FTX, and its $372M vanished in a hack after its collapse. Not only is FTX part of the reason, but in 2022, it was all about crypto hedge funds and the related party having no governance and custody for its asset under management. Therefore, digital asset and crypto holders feel much safer holding on to their assets via wallet. We are now back to basics. Blockchain is built to irradicate 3rd parties from intruding to take advantage of your asset.
The irony of the blockchain industry is that all digital asset has been created to confront 3rd party risk and fee structure and become decentralized. Yet, its investment has been handled by centralized exchanges and on-premises organizations taking custody. In essence, it’s not about the Bitcoin (BTC) at its core holding the risk but 3rd party/counterparty risk which generated trust failure. History repeats itself.
Since over $3 Billion worth of digital assets were stolen in 2022, the most significant hack happened in March when the Ronin Bridge was exploited for $612 million. Other notable hacks of the year include the $477 million FTX wallet hack and the $321 million Wormhole bridge attack (Beincrypto.com).
Incident 2: “Even a Bitcoin Developer Can Have Trouble Keeping Keys Safe”
A veteran Bitcoin developer, Luke Dashjr, revealed that he had lost $3.6 million worth of Bitcoin in a hack. It appears to have lost about 216 BTC, a substantial sum of Bitcoin for an individual. The point is even a Bitcoin developer can have trouble keeping keys safe.
MasterKey is now serving 2,000 + users on Blockchain and Microsoft Azure infrastructure. Due to its sophisticated encryption and decryption algorithm, it can now help more users with high-end security. Most important of all, it is wallet agnostic. Therefore, you can use Phantom, Metamask, and other wallets. It even supports LedgerX seed key phrases. 3FA is the first access to protect your private key, and MasterKey only supports the infrastructure, so we have no access to any information that is kept or registered via 3FA since it needs to be authenticated and authorized.
Therefore, this is a new way of “Self-Security Custody” works for everyone. We are pleased to facilitate everyone who holds various digital assets: Crypto, NFT, MFT, Defi tokens, and tokenized assets. As we grow our digital security ecosystem, we will soon announce major clients and partners of our MasterKey service.
APPS can be downloaded here.
APPLE STORE (iOS)
GOOGLE PLAY (ANDROID)
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