A Korean digital security specialist is banking on a different approach to protecting cryptocurrency with a new hardware-based wallet solution.
Penta Security has channeled this approach into two form factors. One looks like a smartphone, and is meant to enable users to generate cryptographic keys for cryptocurrency access, and to perform cryptocurrency transactions. The other is a kind of smart card designed to operate in conjunction with Penta Security’s mobile app. The card supports key storage and two-factor authentication featuring one-time-passwords. Both solutions are also designed to sync with smartphones, and to support PIN-based and biometric authentication.
In announcing the solutions, Penta Security explained that since cryptocurrency wallets contain not currency themselves but the cryptographic keys need to unlock digital currency holdings, most hacking thefts are based on key mismanagement. That’s why Penta Security is seeking instead to make sure that these keys never leave their wallet devices when transactions are being performed.
Penta Security isn’t the only company taking this approach to cryptocurrency security, but it does appear to be at the leading edge. And while it hasn’t set a launch date for its solutions, the company says that it is expecting to complete closed beta testing by the end of June.