IronClad Encryption Partners with Cryptocurrency Digital Wallet Provider BitWallet to Secure Client Credentials

IronClad Encryption Corp. and digital wallet service provider BitWallet 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along with large governmental agencies, movie studios and credit bureaus, continue to utilize insufficient and outdated network security.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.