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BRD’s Blockset unveils its white-label cryptocurrency wallet for banks and other enterprise clients
Catherine Shu
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Blockset, the blockchain infrastructure platform for enterprises by BRD, announced early access to its wallet-as-a-service today. The white-label solution gives clients, like financial institutions, the ability to launch wallets that have the same features as BRD’s own mobile cryptocurrency wallet, which now has about 7 million users with over $20 billion assets under protection.
Blockset’s clients include some of the largest ATM networks and Japanese investment bank (and BRD investor) SBI Holdings, CoinFlip, Welthee, CoinSwitch, Coinsquare and Wyre. BRD’s other investors include Ripple and it has raised $56 million in funding so far.
One of Blockset’s selling points is access to real-time data about several kinds of cryptocurrencies. This not only allows users to see how their assets are performing, but also enables institutions to perform compliance tasks, fraud detection, anti-money laundering and other important services. Blockset also claims that its multi-chain API has up to 99.999% uptime.
The platform currently supports Bitcoin, Ethereum, Ripple, Tezos, Hedera, Bitcoin Cash and Bitcoin SV, and will add more chains based on customer demand.
Mobile cryptocurrency wallet BRD announced today that it now has more than six million users worldwide, thanks to strong growth in India and Latin America. With this momentum, the company expects to reach 10 million users by early 2021. Founded in 2015, Zurich-based BRD also said it now adds about one million new users every … Continue reading
Blockset already offered a white-label solution called WalletKit, before launching its current wallet-as-a-service with more features. BRD co-founder and CEO Adam Traidman compares its wallet-as-a-service to Google Maps, because both aggregate large amounts of constantly-changing data and can connect to other apps, while remaining user-friendly.
“The concept is really a result of learnings from working with our customers, tier one financial institutions, who need a couple things,” Traidman told TechCrunch. “Generally they want to custody crypto on behalf of their customers. For example, if you’re running an ETF, like a Bitcoin ETF, or if you’re offering customers buying and selling, you need a way to store the crypto, and you need a way to access the blockchain.”
“The wallet-as-a-service is the nomenclature we use to talk about the challenge that customers are facing, whereby blockchain is really complex,” he added. “There are three V’s that I talk about: variety; a lot of velocity, because there’s a lot of transactions per second; and volume, because there’s a lot of total aggregate data.”
Blockset also enables clients to add features like trading crypto or fiat or lending bitcoin or stablecoins to take advantage of high interest rates. Enterprises can develop and integrate their own solutions or work with Blockset’s partners.
Other companies that offer enterprise blockchain infrastructure include Bison Trails, which was recently acquired by Coinbase, and Galaxy Digital.
A conversation with Bison Trails, the AWS-like service inside of Coinbase
Coinbase shares tumbled today to their lowest point since the company began trading publicly on April 14. The market often moves in mysterious ways, but several drivers could be at play, including Coinbase’s high opening price at the time of its direct listing, its reliance on margins that are all but certain to drop owing … Continue reading
Blockset differentiates by focusing on real-time data. It looks at a smaller number of mainstream blockchains in order to ensure depth of information and speed.
“If you’re a financial institution, you can’t accept anything other than instant, accurate and highly scalable kinds of data. Right down to the millisecond of latency is really important because it can give traders an advantage,” said Traidman.
In a press statement, Wyre chief executive officer Ioannis Giannaros said “Blockset is the clear industry leader in offering enterprise-grade SLAs [service-level agreements] that we require to guarantee high scalability, uptime and data integrity across multiple blockchains.”
Mike Novogratz, a former hedge fund manager who was once captain of Princeton’s college wrestling team, has been described as many things, including (in just one New Yorker article in which he was featured last year): an on-and-off-again billionaire; a sidelined Wall Street legend; “bombastic;” “full of shit;” and a former party animal whose “lifestyle … Continue reading
Is there less risk and more opportunities for VCs who are looking to back crypto and fintech startups?
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