From asset storage tools to financial ecosystem HyperPay and the transformation of the crypto wallet industry

For the encryption industry, 2021 can be said to be a critical point for transformation. On the one hand, the effect of “de-bubbling” and “de-blinding” of the blockchain industry is gradually showing. The role of blockchain in supporting the bottom layer of new-generation information technologies such as big data, cloud computing, artificial intelligence, and mobile Internet has attracted attention from all parties. , All walks of life are actively embracing blockchain technology. On the other hand, the deepening of DeFi decentralized finance has brought huge imagination space to the digital economy industry, and fields such as NFT and Metaverse have ushered in explosive growth.

As one of the infrastructure of the crypto world, the wallet track also ushered in unprecedented opportunities. According to statistics from TokenInsight, the overall number of visits to digital asset wallets has continued to increase since 2020. In December alone, the increase in visits to wallet applications exceeded 30%. Market research company Mordor Intelligence predicts that the hardware wallet market will grow at a compound annual growth rate of 24.93% within five years and may reach US$70837 million in 2025.

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Compared with trading platforms, wallets can give users a higher sense of security for their assets. In actual trading scenarios, the circulation of assets in wallets is also more efficient and convenient. In particular, DeFi decentralized finance has changed the ecological structure of the crypto market in the past. The frequency of use of digital wallets has greatly increased, which is undoubtedly one of the important factors for the surge in the volume of the wallet market.

The popularity of DeFi has driven the growth of the wallet market, but the pure digital asset storage function can no longer meet the diversified market needs. Just as Alipay has gradually grown from a simple payment tool to establish a complete Internet financial ecology, digital asset wallets also need to transform from tools to ecology, and this is the goal and direction of HyperPay wallet.

HyperPay wallet is a multi-ecological digital asset wallet that integrates managed financial wallets, decentralized self-managed wallets, HyperMate hardware wallets, and co-managed wallets. It can provide one-stop services such as asset deposit management, wealth management value-added, consumer payment, etc. Since its launch in 2017, HyperPay Wallet has served more than one million users, with more than $1 billion in assets under management, and has won a good reputation in the market.

A wallet application that integrates custody, self-management, co-management, and hardware wallet

In addition to offline hardware wallets, digital wallet applications can be roughly divided into custodial wallets and self-managed wallets. Custodian wallets means that users entrust private keys and digital assets to the platform for management, while self-managed wallets are users who control their own private keys and assets. Will be encrypted and stored in the user’s device and will not be transmitted.

The threshold for custody wallets is lower and more convenient. If users lose their private keys, they can restore their accounts on the server side, but they also need to face the risks of asset freezing, system downtime, and hacker attacks caused by centralized management. Although the user manages the assets and private keys of the self-managed wallet, it requires the user to have a certain degree of understanding of the blockchain and the encryption market.

HyperPay wallet supports both managed wallets and self-managed wallets to meet the asset management needs of different groups of people. HyperPay self-managed wallet is currently one of the wallets that supports the most public chain currencies on the market. It currently supports more than 50 public chains and supports public chain DApp applications such as ETH , TRON, EOS, BSC, HECO, OEC, HSC, Polygon, etc. Users only need to create an identity to easily manage assets on different chains. The user’s private key is stored in the user’s device through local storage, and the security of the user’s private key and assets is ensured by physically isolating important data.

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HyperPay launched the hardware wallet HyperMate in 2019, which is currently divided into two models: HyperMate G and HyperMate Pro. As a hardware wallet, the security level of HyperMate has reached CC EAL 6+. According to international standards, the CC evaluation level is divided into EAL 1 to EAL 7 from low to high. The security requirements of ordinary commercial products are within CC EAL 5. The bank chip used by the public requires CC EAL5+ security certification, and CC EAL6 and CC EAL7 belong to the military-level security level. Both HyperMate G and HyperMate Pro wallets have reached the CC EAL6+ level, and their security is fully guaranteed.

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Compared with HyperMate G, HyperMate Pro has made improvements and upgrades in terms of function, experience, security, etc. HyperMate Pro is equipped with a fingerprint recognition module, and the transaction must be confirmed by the person initiating a transaction, which further improves the security of the transaction process; equipped with Bluetooth 5.0 function , While reducing the power consumption of the device, improving the transmission speed and effective working distance; HyperMate Pro allows users to freely choose to create 12-digit or 24-digit mnemonics, giving users more operating space under the same safety standards; HyperMate Pro supports Chinese, English, Korean, Italian, Arabic (continuous update);

In terms of appearance, HyperMate Pro is more plump and three-dimensional than HyperMate G, with a larger display and clearer button color, while retaining the portable characteristics, and the experience of one-handed grip and operation is still smooth.

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Co-managed wallet is a multi-person co-managed asset model launched by HyperPay based on the concept of blockchain multi-signature. In co-managed mode, the transfer of funds requires the authorization of multiple people to proceed, which can satisfy small and medium-sized organizations and blockchain enterprises. The demand for team asset management has greatly improved the safety factor of team asset management. This model can also be used in many scenarios such as family asset management.

HyperPay smartly integrates four independent modules of managed wallet, self-managed wallet, co-managed wallet, and hardware wallet in one APP. Users can switch the wallet mode at will in the HyperPay APP to operate, and the assets between different wallets can be free Transfers have brought convenient and efficient management experience and security guarantees for digital asset users.

A financial ecology integrating wealth management, mining, lending, and cloud computing power

Focusing on the most basic asset storage function of the wallet, HyperPay has launched a diversified wealth management financial service, including currency-based current wealth management, fixed-term wealth management, PoS mining pools, mortgage lending, cloud computing power, liquidity mining, index funds, and U-standard With current regular wealth management products, users can directly participate in wealth management investments in their wallets, greatly increasing the utilization rate of assets. According to HyperPay official data, HyperPay has helped users earn more than $6 million in revenue.

In addition, HyperPay is also vigorously promoting the finalized application of the encrypted asset payment scenario. It has cooperated with HyperBC to create a HyperCard credit card service, and HyperCard can be purchased directly in the HyperPay wallet.

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HyperCard also supports offline consumption and other payment scenarios. After users deposit encrypted assets in HyperCard, they can directly purchase HyperCard in more than 176 countries and regions around the world, and more than 50 million merchants support HyperCard consumption, including many daily consumption scenarios such as shopping, travel, and entertainment. . With a smooth payment experience and rich application scenarios, HyperCard bridges the gap between the encrypted market and the traditional financial market, allowing more ordinary users to seamlessly enter the digital financial ecosystem.

For the financial ecology, asset security has always been a topic that cannot be avoided, and HyperPay takes security as the top priority. HyperPay divides security into three levels: software security, hardware security, and user behavior security, and has formulated a targeted security strategy.

Hyperpay uses dedicated security components to implement 24-hour monitoring, sets up cloud security groups in accordance with the recommendations of the SANS organization, and uses independent resources such as private clouds to containerize computing resources, VPN gateways, and encrypted data storage, providing several layers of security guarantees for communications; A multi-dimensional security strategy system has been formulated for security emergency response, intra-city disaster recovery, code management solutions, anomaly detection, employee safety, etc.; Hyperpay wallet adopts mechanisms such as multi-signature wallet server, hot and cold wallet server isolation, etc., to fully protect the security of user assets. Violated.

At the same time, HyperPay has reached in-depth cooperation with many well-known security companies at home and abroad, and has hired security consultants to conduct comprehensive security reviews and assessments on HyperPay on a regular basis to continuously improve its own security. Since its launch, HyperPay has been operating stably for 4 years and has maintained a record of “0” security incidents.

With the deepening of the DeFi decentralized financial process, more and more scenarios where users need to manage their assets on their own, wallets are no longer a pure asset storage tool, the market’s demand for expanded application scenarios of wallets has become more obvious, and the digital currency market itself Financial attributes have given the inherent advantages of the ecological development of digital wallets. The wallet industry is about to usher in a wave of ecological transformation. As a pioneer of transformation, can HyperPay take the lead in conquering the high ground of the digital financial ecology? let us wait and see.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/from-asset-storage-tools-to-financial-ecosystem-hyperpay-and-the-transformation-of-the-crypto-wallet-industry/
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