Encryption Firm Evervault Launches Service to Protect Crypto Seed Phrases

The company’s 121824 subscription service allows users to securely store the keys to their digital wallets.

AccessTimeIconFeb 16, 2022 at 2:00 p.m. UTC
Updated May 11, 2023 at 7:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Encryption technology firm Evervault has launched a new subscription service that securely stores cryptocurrency wallet seed phrases to prevent theft and loss.

  • Seed phrases are a series of words that give users access to the cryptocurrency in their digital wallet. The phrases usually contain 12, 18 or 24 words, leading Evervault to name its service 121824.
  • The 121824 service is secured by the same encryption technology that Dublin-based Evervault offers to financial and health information companies.
  • User data remains encrypted at all times, though it can still be processed and shared. Evervault never stores the data and developers don’t configure crypto algorithms or manage keys.
  • Access to 121824 costs $1 per wallet per month, or $10 per wallet per year. Users access the service through the website, which currently has the waitlist open with a full launch expected in the coming weeks.
  • Seed phrase security became a plot point in the headline-grabbing arrest of a couple that allegedly laundered billions of dollars in bitcoin from the 2016 Bitfinex hack.
  • When the arrest was announced on Feb. 8, U.S. authorities said they were able to access wallets controlled by Ilya Lichtenstein and Heather Morgan after decrypting a spreadsheet of seed phrases saved to a cloud storage service.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about