What’s New in Civic Wallet?
The Civic Wallet has thrown down the gauntlet in the crypto landscape, stepping up its game with a $1,000,000 guarantee from Coincover. This innovative multi-signature, non-custodial wallet is setting the bar for future security standards in digital assets. It’s currently in private beta, so if you get an invite, consider yourself lucky enough to be at the forefront of crypto wallet tech!
FDIC-Like Assurance for Crypto Holders
In a chat with Cointelegraph, Civic co-founder and CEO Vinny Lingham made an interesting comparison: “This is the first time that both technical and non-technical users can feel safe about their holdings… just like a bank account with the FDIC.” The comfort of knowing that up to a million dollars is protected will surely get more people on board with the idea of storing their gains.
Understanding Coincover’s Role
Coincover, led by CEO David Janczewski, provides the safety net for Civic Wallet users. They’re not your typical insurance company; think of them as a “protection and security company for cryptocurrency.” Their partnership with Lloyd’s of London underwriters adds credibility to this venture. Who knew that crypto security would sound like something out of a high-stakes insurance drama?
Multi-Signature Magic and Inheritance Perks
What really makes Civic Wallet stand out is its multi-signature feature, where custody of keys is split between the user, BitGo, and Civic (eventually transitioning to Coincover). Should Civic go belly up (knock on wood), you won’t be left high and dry. Plus, heirs will have a pathway to recover funds—perfect for those with a knack for family dramas. Currently, this service is available only for U.S. residents, but global reach is on the horizon.
Know Your Customer and Buying Crypto Made Easy
For those eyeing this sweet new wallet, be prepared to go through stringent Know Your Customer protocols. You’ll need your government-issued ID and a facial recognition scan—because it’s not all fun and games in the crypto world. The wallet also allows for connecting your bank account, making crypto purchases as easy as sending a text. Finally, an excuse to use your wallet without the constant worry of losing everything!
Conclusion: The Future Looks Bright
With growing concerns about the security of cryptocurrency investments, the timing couldn’t be better for an insurance policy like this. As wallets accumulate more substantial amounts of digital currency, innovations like Civic Wallet are making waves. So, if you’re seeking a blend of security and usability, it might be time to check your email for a beta invite!
