After twelve months of insanely hard work, we are proud to announce the launch of Kryptonio, a new bitcoin and cryptocurrency wallet that is keyless and simple.
"Keyless" means, there is no private key, no password, no seed phrase to worry about and no servers that can be hacked. "Simple" means, that no matter what happens (device lost or compromised), customers will always be able to recover their digital assets.
Kryptonio is the evolution of the work we started at Mercato Blockchain AG, releasing a multi-sig cryptocurrency wallet in the fall of 2018. While multi-sig wallets offer good security, when the keys are constructed correctly, they have problems with higher fees, less privacy and are not universally supported by different blockchains. So, we went back to the drawing board to come up with a better solution that solves two major roadblocks: managing private keys and asset recovery.
For most people, managing private keys is difficult, but also risky, especially if the paper wallet is lost. Trusting an exchange alleviates the difficulties with managing keys, but its also extremely risky. In 2019 over $292 million were stolen from exchanges. We've all head of the saying "not your keys, not your bitcoin”.
Kryptonio uses multi-party computation (MPC) and advanced biometrics, to get rid of the issues with private key management and asset recovery. We've created a wallet that is secure, keyless and simple.
We've eliminated the private key flaw in blockchains. We've replaced the private key with two independent shares, that are generated in a mathematical, secure and distributed way. One share is stored on the customer’s device and the other on Kryptonio's server. The two shares are never together, when created or used to sign a transaction.
To make sure that customers can always recover their digital assets, we have developed a backup process that encrypts the share on the customer's device and stores it on our servers. The encryption key is generated on the customer's device and stored on their personal cloud. Even if the customer loses their device, deletes the Kryptonio wallet or their device is compromised, the recovery process is simple. With a simple face scan to match the 3D face map that was created during the backup process, the encrypted share is sent and decrypted on the customer's new device, and the wallet is restored.
We support over 20 cryptocurrencies, ERC20 and stablecoins (BTC, ETH, LTC XRP, BCH, ETC, BNB, EOS, Tether, DAI, USDC, PAX, 0x, BAT, CVC, MANA, and more). The wallet is packed with features that let you buy the cryptocurrencies and pay with a credit card, bank transfers, Google Pay or Samsung Pay. You can purchase up to €150 per month without a KYC verification, convert from one cryptocurrency to another, real time charts and custom price alerts.
This is the beginning of something wonderful. The Kryptonio wallet has a simple and intuitive interface, that's easy to backup, recover and store your digital assets.