Thales helps Saifu bring bank grade security to the cryptocurrency world

SAN JOSE, Calif., Jan. 10, 2018 /PRNewswire/ -- Thales, a leader in critical information systems, cybersecurity and data security, announces 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 says:
"Thales is the most recognized 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 says:
"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."

Find out more about how Thales is helping Saifu by reading the case study.

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For more information about Saifu please visit Saifu.ai.

About Thales eSecurity
Thales eSecurity is the leader in advanced data security solutions and services that deliver trust wherever information is created, shared or stored. We ensure that the data belonging to companies and government entities is both secure and trusted in any environment – on-premises, in the cloud, in data centres or big data environments – without sacrificing business agility. Security doesn't just reduce risk, it's an enabler of the digital initiatives that now permeate our daily lives – digital money, e-identities, healthcare, connected cars and, with the internet of things (IoT), even household devices. Thales provides everything an organisation needs to protect and manage its data, identities and intellectual property, and meet regulatory compliance – through encryption, advanced key management, tokenisation, and privileged-user control and high-assurance solutions. Security professionals around the globe rely on Thales to confidently accelerate their organisation's digital transformation. Thales eSecurity is part of Thales Group.

About Thales
Thales is a global technology leader for the Aerospace, Transport, Defence and Security markets. With 64,000 employees in 56 countries, Thales reported sales of €14.9 billion in 2016. With over 25,000 engineers and researchers, Thales has a unique capability to design and deploy equipment, systems and services to meet the most complex security requirements. Its exceptional international footprint allows it to work closely with its customers all over the world.

Positioned as a value-added systems integrator, equipment supplier and service provider, Thales is one of Europe's leading players in the security market. The Group's security teams work with government agencies, local authorities and enterprise customers to develop and deploy integrated, resilient solutions to protect citizens, sensitive data and critical infrastructure.

Thales offers world-class cryptographic capabilities and is a global leader in cybersecurity solutions for defence, government, critical infrastructure providers, telecom companies, industry and the financial services sector. With a value proposition addressing the entire data security chain, Thales offers a comprehensive range of services and solutions ranging from security consulting, data protection, digital trust management and design, development, integration, certification and security maintenance of cybersecured systems, to cyberthreat management, intrusion detection and security supervision through cybersecurity Operation Centres in France, the United Kingdom, The Netherlands and Hong Kong.

About Saifu
Saifu makes using cryptocurrencies together with regular currencies accessible, easy and secure for a wide audience of non-tech savvy people and businesses.

The company brings bank-grade security to the cryptocurrency world for the first time, using a combination of hardware and software technologies to deliver the most secure cryptocurrency storage available today.

Saifu is a fully regulated financial institution, licensed by the Czech National Bank, and is externally audited on a regular basis. Saifu is compliant with the strictest KYC/AML regulations for both traditional and blockchain transactions. The company provides customers with IBAN accounts for cryptocurrencies and fiat currencies in a single place, and removes the complexity associated with the crypto-economy.

The services the company currently provides include checking accounts, money transfers, fiat and crypto currency exchanges, MasterCard prepaid cards, online banking and a mobile app.

SOURCE Thales