Crypto exchange Bybit is launching a new solution for self-storage of crypto assets by users. The wallet without private keys is built on the Confidential Computing Protocol (MPC).
Bybit, the third largest crypto derivatives exchange by volume, announced the launch of a wallet without private keys. According to the platform team, this is a fundamentally new self-storage solution that completely changes the idea of the security and availability of digital assets. Bybit is also celebrating a major milestone for the company as the number of users of the BybitWeb3 wallet has reached 1 million.
A private keyless wallet built on the Confidential Computing Protocol (MPC) gives users complete control over assets without storing vulnerable private keys or outsourcing their storage to third parties.
The new MPC protocol-based solution eliminates the need to remember or store private keys, reducing the risk of loss and unauthorized access. Instead, private keys are distributed and processed in secure vaults, increasing security without sacrificing convenience.
“We believe Web3 has enormous potential, but many users are intimidated by the complexity and security issues. Keyless Wallet is a major milestone in our vision for Web3, where we want to create a simple, open and equitable ecosystem for everyone, where we don't sacrifice security for convenience. We are grateful for the support from the Web3 community as it has helped us reach 1 million users of our Bybit Web3 wallet. “I’ll make no bones about it – this is an important achievement on the path to a more inclusive digital landscape,” says Bybit co-founder and CEO Ben Zhou.
Key Features of Bybit Keyless Wallet
• Lack of private keys. The MPC protocol does not require keys. They are stored in different locations and provide security without the need for traditional mnemonic phrases.
• CertiK verified safety. The wallet is being verified by CertiK, a company specializing in assessing the security of blockchain projects.
• 3FA protection. Three-level security using Bybit account, wallet password and mobile device authentication.
• Signatures in the TEE trusted management environment. The client and server sign transactions in secure Trusted Execution Environments (TEEs), which greatly improves security.
• Non-custodial storage. A Bybit keyless wallet user has full control over their private keys and is the sole owner of their assets.
• 3FA recovery system. A secure system that requires a Bybit account, recovery password, and personal cloud storage ensures secure account recovery.
• Secure signature. The signing process when working with a DApp does not completely reveal the private key, which means it eliminates the risk of its disclosure and significantly increases the security of the private key and assets.
According to a recent study by Bybit, security and ease of use are key factors when users choose a crypto asset wallet. Bybit Keyless Wallet solves this problem as it combines advanced security with an intuitive interface. In February 2024, Bybit Web3 is also planning another update - a mnemonic phrase wallet.
Bybit, the third largest crypto derivatives exchange by volume, announced the launch of a wallet without private keys. According to the platform team, this is a fundamentally new self-storage solution that completely changes the idea of the security and availability of digital assets. Bybit is also celebrating a major milestone for the company as the number of users of the BybitWeb3 wallet has reached 1 million.
A private keyless wallet built on the Confidential Computing Protocol (MPC) gives users complete control over assets without storing vulnerable private keys or outsourcing their storage to third parties.
The new MPC protocol-based solution eliminates the need to remember or store private keys, reducing the risk of loss and unauthorized access. Instead, private keys are distributed and processed in secure vaults, increasing security without sacrificing convenience.
“We believe Web3 has enormous potential, but many users are intimidated by the complexity and security issues. Keyless Wallet is a major milestone in our vision for Web3, where we want to create a simple, open and equitable ecosystem for everyone, where we don't sacrifice security for convenience. We are grateful for the support from the Web3 community as it has helped us reach 1 million users of our Bybit Web3 wallet. “I’ll make no bones about it – this is an important achievement on the path to a more inclusive digital landscape,” says Bybit co-founder and CEO Ben Zhou.
Key Features of Bybit Keyless Wallet
• Lack of private keys. The MPC protocol does not require keys. They are stored in different locations and provide security without the need for traditional mnemonic phrases.
• CertiK verified safety. The wallet is being verified by CertiK, a company specializing in assessing the security of blockchain projects.
• 3FA protection. Three-level security using Bybit account, wallet password and mobile device authentication.
• Signatures in the TEE trusted management environment. The client and server sign transactions in secure Trusted Execution Environments (TEEs), which greatly improves security.
• Non-custodial storage. A Bybit keyless wallet user has full control over their private keys and is the sole owner of their assets.
• 3FA recovery system. A secure system that requires a Bybit account, recovery password, and personal cloud storage ensures secure account recovery.
• Secure signature. The signing process when working with a DApp does not completely reveal the private key, which means it eliminates the risk of its disclosure and significantly increases the security of the private key and assets.
According to a recent study by Bybit, security and ease of use are key factors when users choose a crypto asset wallet. Bybit Keyless Wallet solves this problem as it combines advanced security with an intuitive interface. In February 2024, Bybit Web3 is also planning another update - a mnemonic phrase wallet.
