BlockWallet Officially Launches a Privacy-Focused Wallet for the DeFi Market

BlockWallet has officially launched its privacy-focused wallet for the nascent Web 3.0 ecosystem. This non-custodial wallet is compatible with several browsers, including Google Chrome, Microsoft Edge, Brave, and Opera.

According to the announcement, BlockWallet is introducing privacy features for users in the DeFi market. This allows anyone to transfer money anonymously while keeping their financial status (account balances) hidden. A feature missing from popular non-custodial wallets like Metamask.

The project’s CTO, Iman Hossini, commented on the launch, noting that privacy is a core function in preparing the Web 3.0 economy,

“When users interact with Web3, there is significant risk involved as the financial data is now also linked to the user. As we build Web3, we should not make the same mistakes as before, but strive for a truly private Web3 experience. The launch of BlockWallet is an important step towards this goal.”

The BlockWallet ecosystem is especially designed for both market-conscious and new crypto users. This privacy-focused solution enables crypto participants to avoid being tracked by would-be hackers or authoritative governments. Simply put, BlockWallet hides the on-chain trail from DeFi users, giving back control over their data.

The wallet can achieve this level of functionality through cryptographic proofs and proxy integrations with privacy-built browsers such as Tor. BlockWallet’s smart contract infrastructure pools users’ funds into one pool, generating a new address for each transaction. This means that on-chain ‘analysts’ cannot track the sender’s original depositing address.

BlockWallet CEO Aleksandras Gaska was happy to emphasize the growing need to protect Web 3.0 users from privacy violations,

“In a world where privacy violations are commonplace, protecting your privacy is imperative. However, not everyone has the skills or time to do that. I am delighted that we can finally present a practical solution to the blockchain world that allows anyone, anywhere to take ownership of their privacy.”

As the DeFi ecosystem becomes mainstream, BlockWallet will enable participants to access multiple DApps hosted on smart contract blockchains such as Ethereum, Fanton, Binance Smart Chain (BSC), and Avalanche. This non-custodial wallet will also integrate Metamask snap plugins to facilitate smooth transfer of funds between the two ecosystems.

In terms of security, BlockWallet went through a rigorous beta testing round with more than 2,000 community members. In addition, there is an ongoing bug bounty program where white hat hackers can receive up to $150,000 depending on the vulnerabilities found. Future iterations of BlockWallet will feature enhanced security and user experience.

It is also noteworthy that BlockWallet has attracted prominent crypto investors including X21 Digital, Wood Stock, Spark Digital Capital, and Four Season Ventures. The project has raised $1.8 million in its private token sale round; the native $BLANK token is now traded on several crypto exchanges with a market cap of $16 million at the time of writing.

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