Avarua, Cook Islands, Dec. 07, 2023 (GLOBE NEWSWIRE) --
Blockchain-based Web3 initiative Cirus Foundation has partnered with Shift Markets, a crypto exchange infrastructure provider, to power the development of non-custodial wallets connected to a global centralized exchange network.
Shift Markets is a New-York based company operating for the past 10 years and a leading infrastructure provider for centralized exchanges worldwide. Boasting the development of 59 crypto exchanges and servicing over 40 million users in the network positions, Shift Markets is an industry leader in the space.
Caption: The Cirus Wallet linking with existing crypto exchange
The wallet development will be the first of its kind, enabling end users to completely control their assets, while still being able to transact with Centralized Exchange (CEX) venues. This is a complete overhaul of the existing CEX systems where user wallets are traditionally held at the exchange.
“After last year’s events with FTX, it was an obvious solution to prepare a wallet that would keep the user in control of their assets and be able to still achieve the convenience of CEXs,” said Shift Markets CEO and Co-Founder Ian McAfee.
The solution has been in development over the past year and the initial blueprint is complete. The product team stated the ability to test V1 in Q1, 2024. The concepts achieved by this innovation will solve inherent issues of centralized exchanges and move towards a Web3 philosophy.
“It’s time for a change - the technology that powers current exchanges needs a massive upgrade. We shouldn’t still be running on Windows 95 when we have Apple, to put things in perspective. The exchange tech that exists is old, outdated, not-secured or impervious to hacks and definitely not separated from the hands of a few. This goes back to the origins of Bitcoin, decentralization and Web3 - why wouldn’t we use our own industry’s technology to better upgrade these systems?.. It’s about time,” said Cirus Founder, Michael Luckhoo.
The Cirus-powered wallet will include industry leading Multi-Party-Computation (MPC) technology, enabling end users to maintain custody and control over their assets while trading on their respective exchanges. This eliminates the risk of customer asset misappropriation or withdrawal issues that have occurred in the past. The initial wallet deployment will be a desktop extension, similar to Metamask, but with a direct account linking feature to participating exchanges. The wallet may include features that enable high-frequency trades (less lag vs. on-chain), and lower gas costs compared to similar functions of which a DEX offers.
The list of exchanges are yet to be announced, however Shift Markets manages operations for participating exchanges that exceed 40 million users in the network.
“It’s a classic example of the first movers, willing followers and the unwilling followers. Migrating exchanges over to this new standard is a must. This is an inevitable solution and one that ensures the Web3 industry becomes a leader in sovereign asset control - an example the world needs, not just our industry,” said Mike Miclea, Director at Cirus Foundation.
The development of the Wallet-CEX initiative marks the first use case under the Wallet-as-a-Service business unit for Cirus Foundation. The company commented that this initiative with Shift Markets is part of a larger discussion to double-up efforts in this category and be a leader in a joint initiative to bring Web3 wallets to a variety of business use cases worldwide.
About Cirus Foundation
Cirus Foundation is the development team behind the Cirus Ecosystem, an accessible onramp designed to accelerate the adoption of Web 3.0 and the Ownership Economy. This consists of the Cirus suite of tools, which work together to give users true ownership over their assets, and the data streams they generate. For more information, please visit www.cirusfoundation.com.
About Shift Markets
Shift Markets provides cryptocurrency exchange solutions, brokerage trading technology, liquidity, risk management, compliance, and Web3.0 technologies for clients. Shift Markets is dedicated to promoting financial equality in emerging markets in FX and crypto by providing cutting-edge technology to enterprise-grade clientele. With finance ever-changing, Shift is dedicated to providing a better financial ecosystem for end-users on a global scale. Learn more at https://www.shiftmarkets.com/.
Media inquiries: Media@cirusfoundation.com
