BlockWallet Officially Launches a Privacy-Oriented Wallet for the DeFi Market

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BlockWallet has officially launched its privacy-oriented wallet for the burgeoning Web 3.0 ecosystem. This non-custodial wallet is compatible with several browsers, including Google Chrome, Microsoft Edge, Brave and Opera.

As per the announcement, BlockWallet will introduce privacy features for users in the DeFi market. This will enable anyone to send funds anonymously while concealing their financial status (account balances). A feature that is lacking in popular non-custodial wallets such as Metamask.

The project’s CTO Iman Hossini commented on the launch, noting that privacy is a core feature in setting the stage for the Web 3.0 economy,

“When users interact with Web3, it poses significant risks because now the financial data is also attached to the user. As we build Web3, we should not make the same errors as before but aim to create a truly private Web3 experience. BlockWallet launch is a significant step towards this goal.”

Notably, the BlockWallet ecosystem is designed for both market-savvy and new crypto users. This privacy-focused solution will enable crypto participants to avoid being tracked by potential hackers or authoritative governments. Simply put, BlockWallet conceals DeFi users’ on-chain trail hence giving back control over their data.

The wallet is able to achieve this level of functionality through cryptographic proofs and proxy integrations with privacy-built browsers such as Tor. BlockWallet’s smart contract infrastructure pools users’ funds into one pool, generating a new address for each transaction. This means that on-chain ‘analysts’ cannot track the sender’s original depositing address.

BlockWallet CEO Aleksandras Gaska was keen to emphasize the growing need to protect Web 3.0 users from privacy violations,

“In a world where privacy violations are commonplace, it is imperative to protect your privacy. However, not everyone has the skills or time to do that. I am happy that we can finally present a practical solution for the blockchain world that allows everyone and everywhere to take ownership of their privacy.”

With the DeFi ecosystem going mainstream, BlockWallet will enable participants to access multiple DApps that are hosted on smart contract blockchains such as Ethereum, Fanton, Binance Smart Chain (BSC) and Avalanche. This non-custodial wallet will also integrate Metamask snap plugins to facilitate a smooth transfer of funds between the two ecosystems.

On the security front, BlockWallet underwent a rigorous beta testing round, featuring over 2,000 community members. In addition, there is an ongoing bug bounty program where white hat hackers can receive up to $150,000 depending on the vulnerabilities found. Future iterations of BlockWallet will include an enhanced security and user experience.

It is also noteworthy that BlockWallet has attracted prominent crypto investors, including X21 Digital, Wood stock, Spark Digital Capital and Four Season Ventures. The project raised $1.8 million in its private token sale round; the native $BLANK token now trading on several crypto exchanges with a market cap of $16 million as of writing.