Liminal introduces the first-ever ‘Hot Wallet as a Service’
By Leandra Monteiro
Liminal, a wallet operations infrastructure platform has successfully launched the ‘Hot Wallet as a Service’. Being the first company to provide this value-add offering, Liminal users will now be able to process user withdrawals from hot wallets in a more secure, time-efficient and automated manner.
Liminal will provide leading Indian Crypto Exchange ZebPay to use ‘Hot Wallet as a Service’ on top of the existing wallet infrastructure managed by Liminal. Under this agreement, Liminal will manage the refill process and ensure that the hot withdrawal wallets have the optimum balance at all times to ensure seamless withdrawals for ZebPay’s users.
Previously, under its existing service agreement with ZebPay, Liminal has been providing smart refill wallets that allow ZebPay to refill the hot withdrawal wallets in a semi-automated manner. Now with the new development, Liminal will further strengthen its existing partnership with ZebPay and take over the complete responsibility of managing the refill process.
Mahin Gupta, Founder & CEO of Liminal, said, “Hot Wallet is considered to be the most critical, inefficient and insecure wallet architecture. Every exchange has to deal with various problems related to the management of hot wallets due to their risky and inefficient nature. A single mistake can lead to blocked funds or loss of funds, so managing hot wallets is a time-consuming activity involving a lot of manual effort. Because of these reasons, it becomes important to automate this process as to how much funds need to be kept in one wallet and how much to be transferred to hot wallets.”
He further added, “With this announcement, Liminal will work closely with the ZebPay team to manage their wallet refill processes. The new value-add feature will ensure that all user withdrawals are processed timely and exchanges like ZebPay can utilise their resources in a more efficient manner. This coveted service will give us an edge over our competitors and help us in our journey towards becoming a monopoly in custody services.”
Raj Karkara, COO, ZebPay said, “At ZebPay, security is our highest priority and Liminal’s MPC-CMP technology based service offerings have increased the level of security for our transactions, allowing for safe transfer and storage of digital assets.”
Founded in 2021, Liminal has processed over $4 Bn+ digital assets transactions through its network while providing services to leading exchanges across APAC and MENA regions. Liminal through its deep understanding of the market aims to create unique solutions that add real value to businesses and valuable customers.
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December 08, 2023