Thales, a leader in critical information systems, cybersecurity and data security, has announced Saifu, a payment institution created to make cryptocurrencies as accessible and easily managed as traditional currencies, is deploying Thales nShield hardware security modules (HSMs) to deliver cryptographic services that protect its online and mobile banking services.
Saifu’s customers – who include businesses and consumers – are able to use both conventional (or fiat) currencies and cryptocurrencies, switching between them as they choose to best meet their individual needs.
Saifu’s platform was designed and integrated with Thales nShield HSMs to deliver high assurance protection of keys for use with cryptocurrencies. With this high assurance platform, Saifu is the first financial service delivering bank-grade security to the cryptocurrency world and ensuring that the cryptographic keys cryptocurrencies depend on are created, managed and stored in the most secure manner. The complexity usually associated with cryptocurrencies and cryptographic key management is completely hidden from the user, allowing customers to enjoy all the benefits of cryptocurrencies without requiring IT security expertise.
Although not a conventional bank, Saifu is subject to the same industry and governmental requirements that apply to its more traditional peers, including all relevant data privacy and personal identifiable information (PII) mandates and regulations. By offering a robust, tamper-resistant, FIPS-compliant platform that performs encryption and digital signing along with key generation and protection, nShield HSMs ensure Saifu meets important regulatory audits and compliance requirements.
In addition to its architectural and compliance benefits, the nShield HSM enabled Saifu to attain scalability, achieve company goals for high speed transactions and be ready for rapid customer growth.
Evgeny Vigovsky, COO and CTO at Saifu, said: “Thales is the most recognised and widely used security provider for global payment transactions and we have been able to take that expertise and apply it to the world of cryptocurrencies. Thales has given us a beautiful solution around which we’ve developed our own software, equipping Saifu with the ability to offer our customers a truly compelling value proposition with a user experience that meets or even exceeds that of a conventional online or mobile banking application and other cryptocurrency services.”
Jon Geater, CTO at Thales eSecurity, said: “Saifu set out with an admirable goal: that anyone using a traditional online or mobile banking service would also be very capable and comfortable buying or exchanging cryptocurrencies through its system. As the financial services industry undergoes digital transformation, Thales HSMs provide the same high levels of security to the world of cryptocurrency that banks have relied on for decades to keep money and transaction records safe from cyber-thieves.”