Uppsala Security signed a MOU with TrustVerse, to provide CIRC’s digital asset tracking services
Singapore, 26 January, 2021 — Uppsala Security, the leading provider of award-winning tools for Crypto Risk Management and Cybersecurity announced today that it has signed a business agreement with the Digital Financial Solutions firm TrustVerse, and will provide Digital Assets Risk Management and Anti-Money Laundering solutions.
TrustVerse launched its Digital Smart Wallet Recovery Service, MasterKey, in October 2020 and provides a specialized service that restores the private keys of smartphones and digital asset wallets by using blockchain technology.
While it is convenient to have a digital wallet installed on a mobile phone, if users lose their wallet’s private keys or if the device is damaged or stolen, the users can instantly lose all their digital assets. However, instead of storing the private keys on the device itself or in the cloud, TrustVerse’s MasterKey is a secure way to store the keys in multiple financial clouds after encryption and at the same time enables the easy recovery of these through simple personal authentication.
Under the announced agreement, TrustVerse will receive customer support services from Uppsala Security’s Crypto Incident Response Center (CIRC). This means that reports based on digital assets tracking will be provided to the MasterKey users that experience a malicious hacking incident impacting their personal PCs and mobile phone devices. This aims to provide stronger integrated security services by helping customers who have suffered digital property damage from malicious attacks.
Uppsala Security’s CIRC service was first launched in June 2020 to support with Virtual Asset Crime Analysis and Damage Response Services for Virtual Asset Service Providers (VASPs). The CIRC receives reports related to fraud and/or hacking of individual and corporate owned digital assets, investigates and analyzes which exchanges the affected assets have flowed into, and provides a fund tracking report for the victims in order to be able to take legal action. Currently, its representative customers include the Samsung Blockchain Wallet and Seoul Newspaper, with expanding services towards financial companies and global enterprises.
The cooperation between the two projects also plans to add the Summary Wallet Analysis Profiling (SWAP) to TrustVerse’s digital asset analysis Dapp Jupiter, to provide daily insights and analysis information for the virtual asset market and help digital asset owners with their investments.
Uppsala Security’s SWAP service provides in-depth analysis, on-chain analysis and blacklist information through the Crypto Analysis Transaction Visualization (CATV), its cryptocurrency tracking security solution, and Crypto Analysis Risk Assessment (CARA), an artificial intelligence (AI) and machine learning (ML) based cryptocurrency risk assessment tool. Through this, key risk factors such as potential threat wallets and suspicious allegations can be preemptively identified. In addition, safety and compliance factors of the project can be verified.
Patrick Kim, Founder & CEO of Uppsala Security, said: “So far, the cumulative number of incidents reported to the CIRC has reached the 300 mark. In order to meet customers needs for various theft cases, we are expanding our expertise in services such as the ‘LIVE Tracking Dashboard’, that can check the status of fund movements in real time, and legal services.” He also added, “We are pleased to support the TrustVerse customer service through this business agreement. In the future, the company will further discuss detailed cooperation measures through technology integration to strengthen the security and Anti-Money Laundering capabilities of TrustVerse.“
Kiook Jeoung, CEO of TrustVerse said “We are pleased to work with such a trustworthy partner as Uppsala Security in building and integrating blockchain based digital financial security solutions for a wider adoption of groundbreaking technologies.“
About TrustVerse
TrustVerse is a Singaporean digital finance startup, which focuses on offering trusted digital finance applications that protect and manage digital assets and the tokenization of assets. TrustVerse aims to provide an all-in-one solution for digital asset management and includes major services such as MasterKey, Jupiter and Canvas. TrustVerse embodies unique digital wealth management solutions, aimed at providing a better financial ecosystem for worldwide users.
About Uppsala Security Pte Ltd
Uppsala Security built the first crowdsourced Threat Intelligence Platform known as the Sentinel Protocol, powered by blockchain technologies and A.I. Supporting the framework is a team of experienced security analysts and researchers committed to helping organizations realize safely interconnected experiences by deploying a suite of advanced Risk Management Solutions satisfying the crypto security needs of organizations and industry compliance standards.
