New York / LONDON, July 1, 2014 (BUSINESS WIRE) — Security innovator Rivetz (www.rivetz.com) today announced it was joining the Trustonic developer program to create the first, state-of-the-art embedded protection for Bitcoin wallets on mobile devices. The first products with this combined powerhouse technology are expected in Q4 2014.
The rapid rise in use of Bitcoin on mobile devices has fueled the increase in malware, key-loggers and targeted attacks designed to steal Bitcoins. Users expect a built-in, seamless, simple and safe experience for transactions on their devices. Using the Trustonic ‹t™-base Trusted Execution Environment (TEE), Rivetz is addressing these concerns and expectations. <t-base is a hardware-isolated security platform that protects user’s data and application integrity on Android smartphones and other ARM-powered devices.
Rivetz will use the <t-base-enabled features in smart devices to protect the use and storage of Bitcoins. Hardware isolation for cryptography, a trusted user interface for protection of PINs, secure display of transaction data, and a fast processing environment will enhance the performance, safety and integrity of instructions to the blockchain.
Rivetz will enhance its Bitcoin wallet security by integrating a standard API with a “Trusted App” executing on the <t-base TEE. The Trusted App will use Rivetz Bitcoin instruction technology for access by all wallet providers, including features for online wallets. <t-base will provide secure storage of users’ private keys and secure processing of Bitcoin instructions, including secure input of PINs and other authentication data. The API will enable any third-party wallet provider to benefit from the protections embedded in <t-base-enabled devices, independent and irrespective of operating system integrity.
Trustonic <t-base is already integrated in over 250 million smart devices and builds trust directly into the heart of a device. This provides a great opportunity for people to have a simple, fast and safe way to use cryptocurrency on the devices they already own.
“<t-base TEE technology is one of the most powerful tools available to combat globalfinancial cyber fraud,” said Steven Sprague, Rivetz’s CEO “It presents a unique opportunity to marry secure devices with modern crypto-based currencies and address the nagging security challenges that threaten to hold back adoption. We believe that it is now possible to meet consumers’ need for simple, safe transactions and the emerging demand for hardware-based protection of financial transactions. Our partnership with Trustonic will provide a critical piece to enhance the adoption of Bitcoin globally.”
“All money transfer systems need security and Bitcoin is no different,” said Ben Cade, Trustonic’s CEO “The more security, the better the user experience. We are excited to see Rivetz use <t-base to secure Bitcoin, and by making Bitcoin simpler, faster and safer to use, Rivetz will accelerate mainstream adoption.”
DApps Fund managing director David Johnston added, “Rivetz brings a fresh new approach and an experienced team to address end-users’ security concerns around cryptocurrency. The leveraging of the built-in security in over 250 million smart devices will help users securely interact with Bitcoin and other decentralized applications.”
Rivetz Corp. is a new startup focused on improving consumers’ relationships with financial and other online services. Rivetz provides a safer and easier-to-use model for all users to protect their digital assets and online transactions using hardware-based device identity. The device plays a critical role in automating security and enabling the controls that users need to benefit from modern services. Rivetz leverages state-of-the-art cybersecurity tools to develop a modern model for users and their devices to interact with services on the Internet. For more information, visit www.Rivetz.com