White-Label Crypto Wallet | BRD Blockset

Blockset Launches Wallet-as-a-Service for Enterprises

Blockset, a blockchain infrastructure platform developed by BRD, has announced the commencement of early access to its wallet-as-a-service offering. This white-label solution empowers clients, particularly within the financial sector, to deploy wallets mirroring the functionality of BRD’s popular mobile cryptocurrency wallet.

Currently, the BRD wallet boasts approximately 7 million users and safeguards assets exceeding $20 billion in value.

Key Clients and Investment

Blockset’s clientele includes prominent entities such as major ATM networks and SBI Holdings, a Japanese investment bank that also serves as an investor in BRD.

Additional clients are CoinFlip, Welthee, CoinSwitch, Coinsquare, and Wyre. BRD has secured $56 million in funding, with Ripple also among its investors.

Real-Time Data and Compliance Capabilities

A significant advantage of Blockset is its provision of real-time data pertaining to a diverse range of cryptocurrencies.

This capability not only allows users to monitor asset performance but also facilitates crucial institutional processes like compliance, fraud prevention, and anti-money laundering (AML) measures.

Blockset also highlights the high uptime of its multi-chain API, claiming up to 99.999% reliability.

Supported Cryptocurrencies

The platform presently supports Bitcoin, Ethereum, Ripple, Tezos, Hedera, Bitcoin Cash, and Bitcoin SV.

Further blockchain integrations are planned, driven by customer requirements.

Evolution from WalletKit

Blockset previously offered a white-label solution known as WalletKit. The current wallet-as-a-service represents an evolution, incorporating an expanded feature set.

BRD co-founder and CEO, Adam Traidman, draws a parallel between Blockset’s offering and Google Maps, noting that both aggregate substantial, dynamic data and provide connectivity to other applications, all while maintaining a user-friendly interface.

Addressing Institutional Needs

“Our interactions with customers, including tier one financial institutions, revealed a core need,” explained Traidman in an interview with TechCrunch. “They generally require secure custody of crypto assets on behalf of their clients.”

“This is essential for services like exchange-traded funds (ETFs), such as a Bitcoin ETF, or for facilitating customer buying and selling activities, necessitating both secure storage and blockchain access.”

The Three V's of Blockchain Complexity

Traidman further elaborated, “We use the term ‘wallet-as-a-service’ to describe the challenges customers face with the inherent complexity of blockchain technology.”

“These challenges can be summarized by three ‘V’s: variety, a large number of different blockchains; velocity, the high transaction speed; and volume, the sheer amount of data.”

Expanding Functionality

Blockset empowers clients to integrate features such as cryptocurrency or fiat trading, as well as lending of Bitcoin or stablecoins to capitalize on attractive interest rates.

Enterprises have the option to independently develop and integrate solutions or collaborate with Blockset’s partner network.

Competitive Landscape

Other companies providing enterprise blockchain infrastructure include Bison Trails, recently acquired by Coinbase, and Galaxy Digital.

Differentiation Through Data Focus

Blockset distinguishes itself by prioritizing real-time data access. The platform concentrates on a select number of mainstream blockchains to ensure data depth and processing speed.

“Financial institutions demand instant, accurate, and highly scalable data. Millisecond-level latency is critical, potentially providing traders with a competitive edge,” Traidman stated.

Wyre’s Perspective

Ioannis Giannaros, CEO of Wyre, commented in a press release, “Blockset is the clear industry leader in delivering enterprise-grade service-level agreements (SLAs) that are essential for guaranteeing high scalability, uptime, and data integrity across multiple blockchains.”