Solana welcomes institutional MPC wallet

Fordefi’s multi-party computation wallet is designed to enable transaction simulations

article-image

dCrypto/Shutterstock modified by Blockworks

share

Institutional MPC wallet company Fordefi will integrate its native wallet solution with applications and protocols built on Solana.

Unlike wallets owned by individual accounts, institutional wallets must be able to provide access to multiple different stakeholders.  

MPC stands for multi-party computation and is a type of wallet security that allows multiple parties to have access to the same wallet without revealing any personal information to one another. 

“As tokenization continues to proliferate and mature, it will be imperative to have infrastructure products like the Fordefi platform that enable institutions to efficiently and intuitively manage their assets,” Ben Sparango, head of business development at Solana Foundation, said in a press release reviewed by Blockworks.

Although Solana already has different types of MPC wallets integrated with its ecosystem, Dima Kogan, Fordefi co-founder and chief technology officer, told Blockworks that simply being an MPC wallet is not enough.  

Fordefi has advanced security features designed specifically for institutions, he explains. An example of this is Fordefi’s ability to simulate transactions and independently verify contract addresses.

“Whenever an institution does a transaction, we simulate the transactions and show the different effects that happen as a result of this transaction,” he said. 

This means that before signing off on a transaction, the signer will know exactly which smart contract the transaction is going to, the vault, the person who is transacting, the value of the token, and its associated gas fees. Risks for each transaction will also be displayed during a transaction simulation. 

“We use all these bits and pieces about the transaction in our policy engine to define the approval process, which is a basis for institutional wallets,” Kogan said.

Another feature that differentiates Fordefi’s wallet is the product’s policy management tool, which gives institutions the ability to set permissions and approvers, Crest Saechao, the vice president of marketing at Fordefi, told Blockworks. 

“The native solution — which all other wallets implement — has a very short timeout for transactions from the moment the dapp creates them, which is incompatible with an often-lengthy institutional approval process,” Saechao said.

Some of Fordefi’s existing institutional clients include Keyrock and DeFiance Capital, who have chosen the product for its additional safety layers. 

“Fordefi stands out in the industry with its strong focus on innovation, DeFi security, and education,” Arthur Cheong, chief information officer and founder at DeFiance Capital, told Blockworks. “They actively work to enhance the ecosystem, drive institutional adoption, and ensure participant safety.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Plus, a dive into crypto’s ever-expanding unicorn club

article-image

Also, tokenization continues to grab headlines and one bitcoin miner stock soars Tuesday after inking a big deal

article-image

Fifteen million daily failed transactions disappeared from Solana

article-image

FTX debtors will pay the IRS $200M, with an outstanding lower priority claim of $685M

article-image

I’ve come to the realization that more attention is needed to create and sculpt the digital spaces where we live

article-image

The NYSE went down yesterday after a glitch caused a string of erroneous trades. Does DeFi fix this?