- Billions worth of crypto assets disappeared on FTX
- Education about handling personal wallets needs to be improved
- MasterKey2.0 was launched to protect crypto assets and private keys
Billions worth of crypto assets disappeared on FTX, which was one of the biggest crypto exchanges in the world. It is an incident of history repeating itself. Education about handling private keys and personal wallets needs to be improved. Right now, the bigger challenge for crypto investors is not making a profit but avoiding losses.
Benefits of private keys
To keep assets safe, you should keep hold them in a wallet with a private key or mnemonic device that enables protected access to the wallet generated. Once you lose a private key or recovery phrase, it cannot be recovered.
Usually, these are a combination of 12 to 36 characters and are not stored securely. The risk of the keys getting lost or hacked increases.
MasterKey2.0, which runs on Polygon, was launched to protect crypto assets and private keys. It has the benefit of providing wallet and crypto protection by securing private keys in random incidents. What’s more, three-factor authentication info is the only way to protect and retrieve private keys.
One special thing about the new product is that it lets you manage multiple wallets and private keys of different crypto assets simultaneously.
Only the real owner of the assets can use his personal information to manage the keys that give him access to them on the blockchain. All 3FA-protected private keys are encrypted algorithmically and kept separate in secure storage in the Microsoft cloud.
Assets are easy to restore and recover
Restoration and recovery of assets are in line with the same process. It’s not only simple and convenient but also makes reliable cloud architecture and strong encryption available. MasterKey provides its encryption and algorithm services as API in a B2B context. The service targets wallet issuers and DeFi exchanges.
Who is behind MasterKey2.0?
The product was launched by Digifinance Pte. Ltd., a Singapore-based company aiming to develop a leading digital wealth technology platform for comprehensive digital asset security and investment services. The company partners with UNESCO and Samsung, among others.