OIO Holdings Launches Beta Test Program of Enterprise Cryptocurrency Wallet

ASIA BLOCKCHAIN REVIEW

September 24, 2020

  • SGX-Listed OIO Holdings announced the launch of its beta testing program of Moonstake Enterprise Wallet which is a cryptocurrency wallet targeted at enterprise users.
  • The vision of Moonstake Enterprise Wallet is to be a secure and cost-effective solution for enterprises to manage their cryptocurrencies with flexibility, proper internal controls and with the ease of traditional online banking platforms.
  • OIO is now inviting enterprises including SMEs and start-ups, to join as beta testers. By joining, participants can also benefit from spotlighting of their businesses through OIO’s network and platforms.

Singapore Exchange-listed company OIO Holdings Limited (“OIO”) is pleased to announce the beta test launch of Moonstake Enterprise Wallet which is the cryptocurrency wallet for enterprise users.

Moonstake Enterprise Wallet is one of the B2B blockchain products developed by Moonstake – one of OIO’s strategic partners. The company hopes to target enterprises which use cryptocurrencies for their operations or investments.

The product hopes to address the current pain points which enterprises’ top management and finance departments face when holding and transacting with cryptocurrencies.

These include the inability to designate proper authorization and approval processes when paying with crypto, setting spending limits and generating transaction reports.

The product aims to be a secure and cost-effective solution that provides enterprise users with the comfort and use-ability common to online banking services when transacting with cryptocurrencies.

For Better Corporate Compliance and Control with Cryptocurrencies

Establishing proper internal controls over financial transactions is a critical part of compliance with regulatory requirements as well as good corporate governance practices.

Authorizations for transactions are often distributed across multiple layers in an organization and spending limits are set for each person depending on their role in the organization.

Financial reports such as transaction histories can be also generated easily from most online banking systems and integrated to enterprises’ accounting systems for audit and compliance purposes.

These features, although taken for granted in many cases, are what enable the enterprises to monitor their assets and have an overview of their companies’ financial status in a timely manner.

However, enterprises using cryptocurrencies lack the same control and visibility that are common to most online banking services.

Most of the existing wallet solutions, irrespective of whether they are custodian wallets or non-custodian wallets, do not provide the sufficient functions necessary for companies to hold and use cryptocurrencies with sufficient control and accountability, which proves challenging for the enterprise adoption rate of cryptocurrencies.

As the blockchain-based services and cryptocurrencies grow in popularity across a variety of industries, OIO believes that the demand for enterprise wallets which companies can use with confidence and ease will only increase. This is the current gap in the market which Moonstake Enterprise Wallet aims to address.

Product Features

The current beta version of Moonstake Enterprise Wallet supports major cryptocurrencies like ETH and USDT, and has functions such as instant and test payment, assigning of roles and rules, spending limits and bulk payments.

Future versions of the Enterprise Wallet will include the addition of more cryptocurrency types, as well as other features such as the generation of on-demand financial reports for companies’ management and finance departments.

In terms of security, the current beta product is a multi-signature wallet that requires at least two private keys to access stored funds.

Future versions of the wallet will include potential deployment of secure multi-party computation (MPC) technology which would eliminate “single points of failure”, and enhance the security for larger enterprise wallet users.

Goals of the Beta Test

OIO is now inviting enterprises interested in being beta testers to provide feedback about the present challenges and feature requests of using cryptocurrencies in their current workflow processes.

The feedback and insights provided by early beta testers will help OIO develop the product further before it markets the Enterprise Wallet to a wider pool of enterprise users.

Ideal beta testers for the program include SMEs, start-ups and larger enterprises which are holding and using cryptocurrencies now or are planning to do so in future for their operations or investments.

By joining the beta testing program, enterprise participants can stand to benefit from future business collaborations with OIO as an SGX-listed blockchain solution provider.

Beta test participants also stand to benefit from being highlighted in joint marketing efforts with OIO to promote the adoption of their blockchain solutions.

The participants can register their interest from OIO’s website – https://oio.sg/oio-enterprise-wallet/.

“The vision of Moonstake Enterprise Wallet is to be a safe institutional-grade wallet that lets you hold, store and withdraw digital assets securely with necessary internal controls and visibility for the management of the companies.” said Taku Edatsune, OIO’s Head of Finance and Administration.

“We believe the future increase of adoption of cryptocurrencies will increase the needs for a cryptocurrency wallet which broad enterprises can use with confidence.”

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