By
Godfrey Benjamin
November 14th, 2023
US-based bitcoin payment service provider has partnered with Intel to offer a new solution that will help BitPay to ensure the safety of its virtual wallets.
BitPay has teamed up with Intel to integrate the company’s security technologies into its virtual wallets. The announcement was made on Monday during the Money 20/20 fintech conference in Las Vegas.
The company has integrated its virtual wallet Copay with Intel’s Software Guard Extensions which offers protection for the bitcoin wallet’s private keys, private key generation, and transaction signing. Besides, BitPay has integrated Intel® Identity Protection Technology with protected transaction display that helps to prevent malware.
With the new integration, BitPay will provide Copay users with an increased level of security and prevent the possibility of hacking attack.
Intel’s technology ensures security by implementing operations in a protected space, so all sensitive data, including private keys, is not exposed to code that might be stolen in case of a hacking attack.
“Providing user-friendly financial security is one of bitcoin’s biggest opportunities, and Intel’s silicon-based security helps us move bitcoin closer to the mainstream,” said BitPay CEO Stephen Pair. “We look forward to releasing this to Copay users in the coming months.”
The integration will let users to implement an app’s security-sensitive operations with the use of Intel’s 7th Generation core processors.
“The decentralized trust which blockchain technology enables has the potential to transform interactions over the Internet, starting with bitcoin. With blockchain technology and our security and computing assets, Intel hopes to bring decentralized trust to a wide array of asset exchanges over the Internet,” said Rick Echevarria, vice president of Software and Services Group, and General Manager of the Platforms Security Division at Intel.
The demo of the solution will be presented at Money20/20 later this week.
Intel is one of the leading providers of hardware solutions for blockchain technology. Earlier this year, the company launched the Sawtooth Lake platform to allow companies run their own blockchain systems.
BitPay is one of the world’s leading bitcoin payment processors with more than 100,000 merchants worldwide. Last month, the company teamed up with digital bank WB21 to enable customers easily convert bitcoin into other currencies.
A few days ago, a crowdfunding platform WeFunder entered into a partnership with BitPay, thus becoming the first equity crowdfunding platform to accept payments in digital currency. The deal will simplify the process of investing in American companies eliminating the need to rely on banks and use wire transfers that can be costly and difficult to receive.
Not long ago, BitPay added a new feature to automate refunds for bitcoin payment exceptions. The new solution was developed to simplify the refunding process, so buyers won’t have to wait to receive their money back.
