PARSIQ Releases Ncase: an Infinitely Scalable & Cost-effective Wallet System
PARSIQ proudly presents our newest product, adding on to our already existing portfolio.
Behind every company handling or planning to handle crypto in their business, is the need for an advanced backend, handling all their clients’ different wallets for different assets, unique for every user. It requires massive investments into development to set this up, along with running costs or payment to a 3rd party service provider.
PARSIQ Ncase is a wallet deployment system built for any company wanting to receive cryptocurrency from users of their platform.
PARSIQ developed a way to deploy a unique wallet system, with minimal costs. This is completely revolutionary as this is one of the major fee inducing mechanics plaguing current infrastructure.
We will be tying our tokenomics into this service as well, further decreasing the upfront and running costs of using the service. PARSIQ Ncase is infinitely scalable and wallet creation is instant, making it perfect for both small and large companies as pricing follows usage, with no minimum usage requirements. This means that most of what is included in the service can be bought for a one time fee, simply holding the necessary amount of PRQ tokens, in the company wallet connected to PARSIQ. More on this later.
The wallet system comes integrated with our current monitoring solution, enabling instant notification of funds received. Furthermore the integration of our monitoring solution also means that the wallet system can utilize our integrated AML solutions from Bitfury Crystal and Uppsala Security. This means out-of-the-box deposit processing with risk assessment already in place — again with no minimum requirements for usage, something completely unheard of previously.
PARSIQ Ncase will be available for all the different blockchains PARSIQ is currently integrated with, along with any future integrations, and we will support all tokens issued on said blockchains, something no one offers today.
Connection to PARSIQ Ncase happens via a full fledged restful API and we will be open sourcing multiple parts of the service to enable users the possibility to implement PARSIQ Ncase in different languages, along with a strong SDK.
Security
As always we strive to deliver high levels of security within our platform and services. We will be offering clients Multi-Party Computation-based technology for wallet creation and added security.
Proof-of-Concept
We created a Proof-of-Concept product based on PARSIQ Ncase: PARSIQ Payments. With PARSIQ Payments we enable anyone who wishes to receive payment for services or products, be it in a project’s own native token, Bitcoin, ERC-20 tokens or something else, to seamlessly do just that.
For example: You want to allow ETH and BTC payments in your webshop for your products. With our payment and invoicing solution, you can set that up, and receive another defined stablecoin in your own wallet, USDC for example, so you don’t subject yourself to possible price volatility.
All this can be setup easily using a simple, yet powerful user interface, all you have to do is define which assets you want to allow as payment and what you would like to get in your own wallet as the receiving asset. PARSIQ Payments service will handle all the swapping of assets and notifications on payment completion.
At PARSIQ we will be the first to showcase this new payment option, and will be enabling service payment via PRQ for starters, already launching in January.
Just now, our developers have completed the first tests in our staging environment with success and we will be rolling the new payment solution out in January. Once our IQ Protocol launches, this will be integrated directly into the protocol.
Increasing portfolio
The reason why we decided to move into this sector is that our team members have extensive experience in building these exact systems for large clients. We know the pain points and the issues that usually plague companies and projects, which is why we decided to build this from the ground up, with a unique, cost effective solution in mind.
Coupled with our existing monitoring technology, PARSIQ Ncase will be interesting for clients of all sizes, both in cost, advancement of the technology and ease of use, which is why we already have clients standing by, ready to use PARSIQ Ncase.
Our first onboarded clients will be:
- Coinmetro
Estonian based regulated crypto exchange.
Kevin Murcko, CEO CoinMetro:
Decentralized MPC wallet systems are becoming more and more vital as networks become more and more saturated. As an exchange owner I need to ensure that I can control costs associated with wallet creation and transactional volumes. While other options do exist on the market given the added value of the PARSIQ ecosystem and the team behind the company I am confident they will outshine the competition and keep me a happy customer.
- Transfero Swiss
A digital asset portfolio management company backed by Alameda Group.
- BRZToken (a project created by Transfero Swiss)
The famous Brazillian stablecoin, enabling international markets to enter the traditional markets in Brazil.
Thiago Cesar, CEO BRZ:
We’ve been working with the people behind PARSIQ for a long time now, and when they told us about this new upcoming wallet service, we jumped at the opportunity. The cost savings alone are a driving factor, but that coupled with monitoring and AML, switching providers was the only logical choice.
- Paybis
UK based regulated crypto exchange.
- A payment processing company and its subsidiaries
To be announced.
Market segment
With this new service, PARSIQ is entering a huge market, one that is still fairly new, but with a lot of room to grow.
It is estimated that the two largest companies in this segment are handling more than 30% of the daily asset transfers on the major cryptocurrencies — Bitcoin, Ethereum etc. with volumes rising rapidly and the transactional value hitting billions of USD on a monthly basis. In the last 12 months alone, there has been a 400% increase in ETH daily transactions.
PARSIQ aims to allow existing and new companies, entering the crypto sphere to implement our cost effective service with no hurdles and day to day onboarding. The goal is furthermore to deliver a completely secure set-up via Multi-Party Computation with strict focus on ease of use for every type of client.
