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G+D providing seamless, secure digital assets self-custody

Tuesday, July 23, 2024 — 12:38:39 (EDT)

DULLES, VA/MUNICH - (July 22, 2024) – Giesecke+Devrient (G+D) announced it has made available Convego TruSafe, a new solution for U.S. financial institutions for the secure management of digital asset credentials. Financial institutions now have the opportunity to stay at the forefront of their customers' digital lives by providing secure solutions for accessing, managing, and recovering these digital assets, further enabling the growth of investments.

According to the "Next Generation of Digital Wallets Report", secure custody services for digital assets can be highly lucrative for U.S. financial institutions. They have a unique opportunity to attract new customers and develop recurring revenue streams. However, the rapid growth of digital assets, such as crypto, presents challenges. Many Americans face a steep learning curve and fear losing their investments if they lose their access keys. Onboarding to a cold storage wallet, typically with a USB or physical device, which stores keys offline, can be daunting. Managing one's keys ensures true asset ownership but risks permanent loss if the recovery mechanism, typically a 12/24-word seed phrase, is lost. Therefore, solutions that are easy to use and protect against credential loss or theft are in high demand.

G+D Convego TruSafe offers such a modular solution for the secure management of digital asset credentials, combining a digital interface with a cold-storage wallet in the form of a secure smart card. This innovative solution empowers U.S.-based financial institutions to offer a secure and convenient customer experience in this emerging market. To develop Convego TruSafe, G+D, with its SecurityTech expertise, collaborated with eSignus, which brings specialized digital asset capabilities to the partnership.

From the bank customer's perspective, Convego TruSafe is easy and familiar to use thanks to the combination of an app and a trusted card form. They can securely access and manage their digital assets as well as use additional services from their financial institutions. Most importantly, it provides a safety net against loss of access to assets. The unique recovery mechanism allows end-customers to navigate the digital asset space with confidence. Even if the card is lost, they can swiftly order a new one, authenticate through the mobile app, and effortlessly activate the new card to regain access to their digital assets.

About 21% of American adults have owned cryptocurrency as of 2022, according to NBC News. More Americans would be interested in investing in digital assets if they eliminate the fear of being locked out from their digital portfolios.

"Financial institutions can elevate their customer relationships by offering secure digital asset management, paving the way for widespread adoption,” says Jukka Yliuntinen, Head of Digital Payment Solutions at G+D. “Customers are in control of their assets with a swift, seamless and secure recovery service, provided by their bank. Regardless of the scenario, they always retain full and irrevocable ownership of their digital assets."

Convego TruSafe at a glance:

Cold storage card: Trusted card form factor for independent storage and management of digital assets, eliminating reliance on third-party custodians.

Wallet manager app: Mobile interface to easily interact with the customer's asset portfolio, supporting over 10,000 of the most popular crypto assets on the market.

Distributed recovery service: Effortlessly restore access to wallet keys by reconstructing them with a simple tap of the reissued card on the phone.

Connection to blockchain services: Financial institutions can use an API gateway to integrate with various blockchain services.

An increasing number of financial institutions are exploring crypto as a new investment class and are integrating digital asset management into their services. Leveraging Convego TruSafe makes banks more competitive in this market.

GD Convego TruSafe​

G+D Convego TruSafe ensures access to digital assets even if the access key is lost. (Source: G+D)

This press release and the picture in high res can be downloaded here.

About Giesecke+Devrient

Giesecke+Devrient (G+D) is a global SecurityTech company headquartered in Munich, Germany. G+D makes the lives of billions of people more secure. The company shapes trust in the digital age, with built-in security technology in three segments: Digital Security, Financial Platforms and Currency Technology.

G+D was founded in 1852 and today has a workforce of more than 14,000 employees. In the fiscal year 2023, the company generated a turnover of 3 billion euros. G+D is represented by 123 subsidiaries and joint ventures in 40 countries. Further information: www.gi-de.com.

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Source: Company press release.