Securities token platform launches MPC wallet for institutions

cointelegraph.com:

Securities token platform INX has launched a wallet with compliance features for institutions, according to a May 3 announcement. The new wallet was created in partnership with wallet infrastructure provider BitGo and uses multi-party computation (MPC) technology.

Exciting announcement! INX now collaborates with @BitGo to enable institutional #investors to fully and confidently participate in the #security #tokens market and the greater digital economy: ⤵️https://t.co/AbpdS86lYk

INX securities tokens exist on the Ethereum network and follow the ERC-1404 token standard. The standard was created in 2018 to allow for compliance-friendly Ethereum tokens. These tokens can only be transferred between users that have passed identity verification with a participating institution.

The new wallet allows institutions to comply with cybersecurity and custody standards in the financial industry when holding INX securities tokens. No single person is given access to the private key that controls a given account. Instead, the key is split into three or more “shards” that have to be combined to sign transactions, a process called multi-party computation (MPC).

According to the announcement, the wallet also contains features to make employee access privileges easier to manage. Companies can task different employees with different roles, such as “viewers, spenders, approvers and administrators.” They can also segregate clients’ assets by splitting up funds into multiple wallets and giving “approver” privileges to each individual client. This allows institutions to give their clients more control over their individual accounts, the announcement said.

Lisa Jowett, head of platform sales at BitGo, said she thinks these new features will help make