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.
Feb 16, 2022 at 2:00 p.m. UTCUpdated May 11, 2023 at 7:10 p.m. UTC
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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.
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Brandy covered crypto-related venture capital deals for CoinDesk.