HOUSTON--(BUSINESS WIRE)--IronClad Encryption Corporation (OTCQB:IRNC) and digital wallet service provider BitWallet™ today announced that they have entered into a partnership to secure BitWallet’s client credentials that, outside the cryptocurrency itself, are the basis of all legitimate transactions. In the last year, the total market cap for cryptocurrencies has experienced more than a thirty-fold increase from $16.8 billion to approximately $549 billion. Unfortunately, this enormous increase in wealth has attracted malicious hackers who through cyberattacks break into these virtual banks. Even though cryptocurrency cannot be counterfeited, it can be stolen. On December 7, 2017 an estimated $60 million in bitcoin was reported stolen from the digital wallet company, NiceHash. CNN Tech reported on January 29, 2018 that an even bigger theft occurred when Coincheck was hacked and an estimated $530 million in bitcoin was stolen, making it the largest theft in cryptocurrency history. Unfortunately, most cryptocurrency wallet companies, along with large governmental agencies, movie studios and credit bureaus, continue to utilize insufficient and outdated network security.
"In order for cryptocurrency to gain mainstream legitimacy and instill confidence in the larger population, digital wallets must provide individuals with the highest levels of authentication and security to protect not only their money but also their credentials. Individuals and businesses need a truly secure digital wallet that stores cryptocurrency and facilitates transactions," said JD McGraw, president and CEO of IronClad Encryption. "BitWallet’s functionality combined with IronClad’s security provides the most compelling option."
BitWallet's digital wallet service enables users to buy and sell cryptocurrencies, and purchase goods and services. Merchants can use BitWallet Business™ to accept cryptocurrencies as a method of payment, whether they operate online or in a storefront. Users can access accounts and engage in cryptocurrency transactions using any device on a digital network, including a cell phone, tablet, or desktop computer. BitWallet is technology agnostic and will eventually support all forms of major cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, USD Tether, and most any other blockchain-based digital currencies.
"In the digital currency industry, cybersecurity will ultimately determine which companies become the next great technology giants. We believe that IronClad's unique cybersecurity technology, including authentication and military-grade encryption, are must-haves for any digital wallet provider. Our clients deserve state-of-the-art security protecting their investment,” said John T. Perrone, president and CEO of BitWallet. “Partnering with IronClad allows us to offer a level of cybersecurity unmatched in the industry.”
IronClad Encryption's patented technology hardens existing hardware, software, and networks, and serves as the basis for entirely new products. The company recently launched ICEMicro, an encryption-based software product that inherently secures communications among Docker containers, whether software, hardware, or a combination of hardware and software. ICEMicro can also be used across disparate container orchestration platforms, Infrastructure as a Service (IaaS) platforms, transport layer security protocols, data centers, clouds and hybrid implementations. In January, IronClad announced Black ICE, a family of secure gateway products that will secure the programmable logic controllers (PLCs) used in industrial control and manufacturing systems. Additionally, the company is co-developing an ultra-secure, ultra-rugged phone with IoT software solution provider Pollentech Oy that will be manufactured by smartphone provider Sonim Technologies. IronClad Encryption (ICE) technology is available for license by hardware manufacturers, software publishers, network equipment providers, cloud solution providers and others.
BitWallet™ provides a free digital wallet service for storing and facilitating cryptocurrency transactions, safely and securely. BitWallet is based on a technology-agnostic platform enabling support of various cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, USD Tether as well as other blockchain-based digital currencies. BitWallet allows anyone to set up a cryptocurrency account in seconds that they may then utilize to securely buy and sell cryptocurrencies, and make purchases. On the other side of the transaction, businesses can easily download and embed BitWallet Business™ into their ecommerce platforms for payment processing using a variety of cryptocurrencies for their products and services. BitWallet™ offers consumers many financial benefits, such as international money transfers that are anonymous, instantaneous, and cost a fraction of traditional fees. Cryptocurrency transactions are gaining acceptance across a vast number of commercial businesses and, in time, are expected to become as common as paying with cash and credit cards. BitWallet addresses the entire cryptocurrency ecosystem by enabling customers and businesses to connect and facilitate the purchase of goods and services based on the most secure and robust platform in the market. BitWallet is a registered Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCen) of the United States Department of Treasury. BitWallet’s software application will be available for download in March 2018.
About Ironclad Encryption Corporation:
IronClad Encryption Corporation is a next-generation cyber defense company that secures digital assets and communications across a wide range of industries and technologies. IronClad Encryption-powered solutions utilize our patented Dynamic Encryption and Perpetual Authentication technologies to make all known key-based encryption technologies virtually impossible to compromise. Dynamic Encryption Technology eliminates vulnerabilities caused by exposure of any single encryption key by continuously changing encryption keys and keeping the keys synchronized in a fault-tolerant manner. Perpetual Authentication Technology uses multiple virtual channels for encryption so that in the event one channel is compromised, the other channels maintain encryption integrity. Together, these technologies not only eliminate the single point of failure problem created by having keys exposed through brute force, side channel, or other types of attack, but do so with very low latency and system performance overhead. Developers, MSPs, MSSPs, and IT organizations can now easily and effectively integrate ultra-secure authentication and encryption measures across essentially all mediums. This includes the latest processors and operating systems, legacy hardware and software, within or between networks, and on compartmentalized data or entire databases. At rest or in-motion, IronClad Encryption ensures data remains safe, secure and uncompromised.
Visit Ironclad Encryption at www.ironcladencryption.com
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