Institutional-Grade Crypto Wallet, PALLET X, is launched for Blockchain Enterprises

Institutional-Grade Crypto Wallet, PALLET X, is launched for Blockchain Enterprises

Penta Security Systems announced the launch of multi-signature crypto wallet PALLET X.

The institutional-grade crypto wallet, PALLET X, is targetted towards enterprises that demand secure, effective, and practical wallet management such as cryptocurrency exchanges and payment service providers. The announcement also said that several Korean exchanges have deployed PALLET X to strengthen their wallet security.

South Korea based Penta Security Systems is a provider of security solutions and services in the field of data, IoT, and blockchain.

Executive Opinion

Chief Strategy Officer, DS Kim stated, "With global IT giants accelerating blockchain adoption, we expect growing demand for enterprise-ready security solutions. As a recognized leader in encryption and as Asia's top cybersecurity vendor, we embrace this momentum by launching our wallet security platform that stands out for providing total security across operational environments, from client to server."

More of PALLET X Crypto Wallet

PALLET X crypto wallet is part of PALLET product line up according to Penta Security website. The announcement said that all PALLET products are based on a common technical foundation called Penta Crypto Wallet Framework (PCWF). The crypto wallet framework uses proprietary algorithms and transaction protocols to enable institutional-grade security.

PALLET X combines both hot and cold storage for practical security and available as a server-type appliance. It requires more than one signature for transaction authorization. The wallet has a proprietary cryptographic module developed in compliance with BIP-32/39/44 standards for third-party wallet compatibility, a Hardware Security Module (HSM) that enables a fully trusted environment for wallet generation and management and "Shamir's Secret Sharing" for privacy-enhanced recovery phrase storage along with biometric authentication.

The wallet claims to support all kinds of ERC20 tokens along with other major cryptocurrencies as depicted in the image below.

The announcement also noted that Penta Security is working to release a custodian solution aimed at financial institutions.

PC: Penta Security 

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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