Casa, a cryptocurrency startup that allows users to securely store cryptocurrencies recently announced the launch of the Casa Wealth Security Protocol.
Casa’s latest security protocol would be implemented in Casa Keymaster apps and services, which is a multisig system for Bitcoin. The risks against cryptocurrencies are innumerable and can be distinguished into categories like loss or theft. While many security protocols fail to address all the risks that pose a threat to cryptocurrencies, Casa’s Key Security Protocol claims to have gathered “the best-known balance of features” that would reduce the risk of loss and theft, using the latest technology available.
Furthermore, the firm’s blog post suggested that it considered an array of threats before designing the protocol. The post read,
“Data and credential loss, phishing, SIM hijacking, network attacks, malware, supply chain attack, physical coercion, child/pet attack, internal service provider attack, platform /hosting provider attack, code dependency attack, official seizure and inheritance failure.”
The ecosystem has witnessed several attacks due to SIM swapping where hackers have stolen millions. Telecommunications giant AT&T was sued by a crypto investor after he claimed to have lost $24 million. Recently, Jack Dorsey, the co-founder of Twitter had his Twitter account hacked due to SIM swapping fraud.
Casa’s latest security protocol will offer several features to protect users from the aforementioned threats. The features include “multi-signature, multi-location, heterogeneous hardware and software, seedless hardware wallets, PIN or biometrics for a mobile key only, sovereign recovery instructions, emergency lockdown button, 3-of-5 key shield multisig, 2-of-3 basic multisig, and mobile key.”