The cryptocurrency exchange and wallet provider Saifu has partnered with the cybersecurity firm Thales to protect its online and mobile banking services with “Thales nShield hardware security modules,” according to an announcement from Thales on Wednesday.
Saifu users can use both conventional currencies and cryptocurrencies to conduct transactions. Thales stated that with its security measures, Saifu is the first financial service provider delivering bank-grade security to the cryptocurrency world, ensuring that the cryptographic keys cryptocurrencies depend on are created, managed and stored in the most secure manner.
Saifu is planning an initial coin offering (ICO) to open in January.
“The complexity usually associated with cryptocurrencies and cryptographic key management is completely hidden from the user, allowing customers to enjoy all the benefits of cryptocurrencies without requiring IT security expertise,” Thales stated in its announcement.
Although it’s not a traditional bank, Saifu is subject to the same industry and government requirements that apply to its traditional peers, including all relevant data privacy and personal identifiable information regulations. By offering a robust, tamper-resistant platform that performs encryption and digital signing along with key generation and protection, nShield HSMs ensure that Saifu meets important regulatory audits and compliance requirements, according to Thales.
“Thales has given us a beautiful solution around which we’ve developed our own software, equipping Saifu with the ability to offer our customers a truly compelling value proposition with a user experience that meets or even exceeds that of a conventional online or mobile banking application and other cryptocurrency services,” said Saifu Chief Operations Officer Evgeny Vigovsky in a statement.
“Saifu set out with an admirable goal: that anyone using a traditional online or mobile banking service would also be very capable and comfortable buying or exchanging cryptocurrencies through its system,” said Thales Chief Technology Officer Jon Geater in a statement. “As the financial services industry undergoes digital transformation, Thales HSMs provide the same high levels of security to the world of cryptocurrency that banks have relied on for decades to keep money and transaction records safe from cyber-thieves.”
More about Saifu: https://ico.saifu.ai/