Bizkey and Sentinel Protocol signed MOU to build an impregnable wallet
Today on March 1st, Bizkey and Sentinel Protocol signed a Memorandum of Understanding at Bizkey headquarters. Representing Bizkey was CEO Ken Huang, with Patrick Kim, CEO and Founder of Sentinel Protocol. The agreement concerns the integration of Bizkey’s e-wallet with the Sentinel Protocol’s Threat Reputation Database (TRDB). The partnership allows Bizkey’s e-wallet users to be able to report scams, identify e-wallets with risky transaction history, and gain valuable knowledge about possible transaction counterparties. Sentinel Protocol’s global blockchain-based Threat Reputation Database (TRDB) collects data from distributed sources including cryptocurrency exchanges, wallets, payment services, along with IT and security companies. The TRDB also crowdsources threat data procured from collective intelligence.
The agreement bears special significance due to the “Payment Services Bill”, Singapore’s incoming regulatory outline for the payment services industry. Sentinel Protocol has built a tool that allows interested parties to take advantage of blockchain’s pseudonymous accounting system to freely view transaction histories of different e-wallet addresses. This tool, when integrated with Bizkey’s e-wallet, will allow for the most robust anti-money laundering and counter-terrorism financing (AML/CTF) system offered in the payment services industry.
“We are going to set the standard for best practices in meeting AML and CTF requirements, managing technology risk, and creating user protections,” said Ken Huang. “By working with industry leaders in the field of blockchain security, we will be able to efficiently push crypto payment globally.”
“Money laundering is attracting attention from regulators and law enforcement agencies in the crypto space. In our efforts to combat money laundering, we will support regulators and law enforcement using crowdsourced security intelligence stored in the TRDB. In addition to using the ICF API to detect potentially malicious transactions, our future goal is to integrate Sentinel Protocol’s crypto transaction tracking and wallet risk scoring tools.” Patrick Kim, CEO and Founder of Sentinel Protocol. “Recently, we launched the Uppsala Security Forum, a community for sharing educational information about blockchain security, and a technical forum to exchange knowledge on security related insights.”
Bizkey has regularly hit the front pages recently. In January, Bizkey facilitated the first auto purchase made in cryptocurrency in Singapore and partnering with publicly listed SK Jewellry for a crypto payment campaign. Last November, Bizkey ran a campaign in Singapore’s Chinatown area allowing 30 local merchants to accept payment in ten different types of cryptocurrency.
There was also a special announcement at the end of the ceremony. With the help of various contributors, Bizkey is creating a research paper which will propose various solutions to ML/TF through blockchain. It will also serve as a practical guide for blockchain projects by navigating the latest compliance updates in Singapore including the Payment Services Bill. Offers for multiple tiers of contributorship are currently being accepted by Bizkey.
About Bizkey
Bizkey is a smart blockchain-based payment platform that supports a variety of powerful applications to streamline retail and re-integrate merchants into the increasingly digital economy. Bizkey is also the organizer of Singapore’s ‘Token Day’ and the payment solution of choice for the first vehicle purchase using Ethereum in Singapore, a transaction reported widely across mainstream media. Follow Bizkey Protocol on Telegram, Linkedin, Twitter, Facebook and Medium
About Sentinel Protocol
Sentinel Protocol is the world’s first crowd-sourced threat intelligence platform utilizing the advantages of decentralization to protect cyberspace with blockchain security. It aims to equip individuals and organizations with cybersecurity solutions that help protect their valuable cryptocurrency assets from malicious threats, attacks, and fraudulent transactions. Sentinel Protocol is headquartered in Singapore and has offices in Seoul, South Korea and Tokyo, Japan. Follow Sentinel Protocol on Telegram, LinkedIn, Twitter, Facebook and Medium.
