SINGAPORE, Sep 17, 2020 – (ACN Newswire) – SGX-listed OIO Holdings Limited (“OIO”) is pleased to announce the beta test launch of Moonstake Enterprise Wallet, a cryptocurrency wallet for enterprise users. OIO is engaged in sales and marketing of Moonstake Enterprise Wallet – one of the B2B products of our strategic partner, Moonstake. OIO and Moonstake hope to target enterprises for the program, including SMEs & start-ups, which use cryptocurrencies for their operations or investments.
The Wallet hopes to address the current pain points which top management and finance departments face when holding and transacting cryptocurrencies. These include the inability to designate proper authorization and approval processes when paying with crypto, setting spending limits and generating transaction reports. The Wallet aims to be a secure and cost-effective solution that provides enterprise users with comfort and useability, common in online banking services, when transacting with cryptocurrencies.
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 can be also generated easily from most online banking systems and integrated to enterprises’ accounting systems for audit and compliance purposes. These features enable enterprises to monitor assets and have an overview of their 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 to hold and use cryptocurrencies with sufficient control and accountability, which proves challenging for the enterprise adoption of cryptocurrencies.
As the blockchain-based services and cryptocurrencies grow in popularity across a variety of industries, OIO believes that the demand for an enterprise wallet 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.
Current Wallet 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 beta testing to provide feedback on the present challenges, and the features requested for 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 now holding and using cryptocurrencies or are planning to do so in future for their operations or investments. By joining the beta testing program, enterprise participants will stand to benefit from future business collaboration with OIO as an SGX-listed blockchain solution provider, and stand to benefit from being highlighted in joint marketing efforts with OIO in promoting the adoption of its blockchain solutions.
Register interest at 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 in adoption of cryptocurrencies will increase the need for a cryptocurrency wallet which enterprises can use with confidence.”
About OIO Holdings Limited
OIO Holdings Limited (KUX / OIOH.SI) is a Singapore Exchange-listed firm whose core businesses are the provision of mechanical and electrical (“M&E”) engineering services, and blockchain-related agency and consulting services. Over the years, OIO has developed extensive expertise as an M&E engineering services and solution provider, and has built up a strong network of well-established clients engaged in luxury resorts or well-known projects in and around Singapore and the region.
OIO has expanded into blockchain-related businesses which include sales agency business, software development agency business and blockchain-related consultancy businesses. OIO’s vision is to be the best service partner and provider of innovative technology solutions to power the growth of enterprises in Asia.
About Moonstake Pte Ltd
Moonstake was recently established to develop a staking pool protocol to satisfy increasing demands in regional and global blockchain markets. Staking adopts Proof-of-Stake (PoS) as a type of consensus algorithm which allows cryptocurrency holders to increase the likelihood of receiving block rewards from block validation transactions. It brings together the ability to stake and ultimately distributes block rewards based on contribution. Moonstake develops a staking pool protocol, and provides business services through partners and companies. Staking is expected to help elevate blockchain technology and work for decentralisation. Please visit https://www.moonstake.io/.
Sam Lay, Head of Business Development, OIO. email: firstname.lastname@example.org
Taku Edatsune, Head of Finance and Administration, OIO. email: email@example.com, or firstname.lastname@example.org
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