Finovate Debuts: ArcBit Introduces its Secure, Easy-to-Use Bitcoin Wallet

ArcBit_homepage_Dec2016

One of the challenges facing broader adoption of bitcoin is having a safe, ready, and convenient way to store, send and receive your cryptocurrency.

ArcBit founder and former Blockchain.info developer Tim Lee has a solution: a full-featured, secure, and easy-to-use bitcoin wallet app with built-in email and help support.

And while the wallet is built for beginners, ArcBit has plenty of functionality for bitcoin veterans as well. The wallet supports forward, reusable, and stealth addresses, and can import bitcoins from outside sources including bitcoin private keys, encrypted keys, and watch-only addresses.

ArcBit_stage_FF2015

ArcBit founder Tim Lee demonstrated the ArcBit bitcoin wallet at FinovateFall 2015 in New York City.

ArcBit facts:

  • Founded in June 2015
  • Headquartered in New York City, New York
  • Four employees
  • Currently available on iOS, with web-based and Android versions expected in 2016

How it works

In many ways, the ArcBit bitcoin wallet functions as any other digital wallet. Users can send and receive bitcoins from a contact list. Senders get instant notification and recipients get instant delivery—all without the cost or inconvenience of a middleman.

ArcBit_screenshot_1What sets apart the ArcBit wallet is the way it enables the user to back up and store digital assets. “How do you secure your wallet if you are the only one who controls it?” Lee asks, insisting that “when you have full control over your money, you also bear the responsibility of keeping your own money safe and secure.”

Historically, it has been too difficult or too inefficient for most people to secure bitcoin wallets. Up until recently, Lee says, best practices were simply backing up the entire wallet on a USB then tucking it safely away. Lee even suggests that the complexity of backing up contributed to the downfall of bitcoin exchange, Mt. Gox.

ArcBit solves the problem with the use of a 12-word passphrase. For those who prefer not to rely on passcodes, ArcBit also features the ability to back up the wallet to iCloud.

ArcBit_screen_2Unlike ordinary passphrases that simply provide access, ArcBit users can recover their entire wallet balance on another device—without requiring ArcBit to be installed on that device, or even a cloud-based backup. This is because the back-up technology is an open bitcoin standard. “This is one of the many great things about an open platform like bitcoin,” said Lee. To back up, all the user has to do is access the wallet’s “Restore Wallet” feature in settings, and copy and paste their passphrase. Backing up the wallet takes only a few moments.

The future

Tim Lee has little time for those who insist on trying to separate bitcoin from the increasingly headline-grabbing blockchain technology that supports it. “They are inseparable,” Lee said. “Tech folks get it, but banks still need the explanation.”

According to Lee, others who get it are people living in developing countries where the idea of having control over your money can be an almost existential concern. “Consider what happened in Cyprus, in Greece,” Lee said. He has seen interest in the technology from people living in countries with very high inflation as well as countries with poor banking systems. “Most of the benefits (of bitcoin) will come out of emerging markets,” he said.

Part of Lee’s goal in attending Finovate was to gauge the interest in the technology among the venture capital community. Lee gives VCs more credit for understanding the technology, saying that it is very different from how it was as recently as three years ago. “They kinda get the technology,” Lee said. The trick, he added, is “convincing them of ArcBit’s role in it.”


Check out the demo video from ArcBit from FinovateFall 2015.

Finovate Alumni News

On Finovate.com

  • Check out this week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: ArcBit Introduces its Secure, Easy-to-Use Bitcoin Wallet”
  • “FIS Closes SunGuard Acquisition to the Tune of $5.1 Billion”

Around the web

  • CSI globalVCard launches partnership program for banks for its electronic payments program.
  • SavingAdvice.com highlights how Personal Capital can help you gain control of your finances.
  • Credit Sesame features millennial-friendly robo-adviser investment-platforms: Betterment, FutureAdvisor, SigFig, Blooom.
  • Quisk selected as a 2015 Red Herring 100 Global Winner.
  • TSYS signs payments agreement with Atlanticus to continue support of loan-origination platform, Fortiva.
  • Digital Insight unveils Business Banking, an SaaS solution to enable FIs to offer personalized banking experiences to business customers.
  • Q2 opens new offices in Lincoln, Nebraska, to accommodate growth, acquisition of Centrix Solutions.
  • Xignite Market Data APIs now available on SoundHound’s Houndify sound recognition and search-technology platform.
  • Let’s Talk Payments features Trustev, Trulioo, and Trunomi in its look at “RegTech” startups in Europe and the U.S.
  • Temenos wins “Best Provider of Front-to-Back Wealth Suite Solutions” at Asian Private Banker’s Technology Awards 2015.
  • Avalara partners with open-source billing and payments platform, Kill Bill.
  • Silicon Prairie News interviews Daniel Carnes, CSO at Prairie Cloudware, on the future of cybersecurity.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

ArcBit Presents BitCoin Wallet, Gives Consumers a “Bank In Your Pocket”

ArcBitThis post is part of our live coverage of FinovateFall 2015.

Our final presentation of FinovateFall is up next. Here’s the team from ArcBit.

Your bank in your pocket, and your money safely in your control, that’s the way banking should be. ArcBit Wallet is a mobile application that gives you full control over your bitcoins. With the ArcBit Wallet, you can send and receive bitcoins from anywhere in the world to anywhere in the world. It is basically a bank in your pocket.

Presenters: Tim Lee, founder, and Cameron P., developer

IMG_0744

IMG_0752

Product launch: June 2015

Metrics: 4 employees, has not yet pursued outside investment
Product distribution strategy: Direct to consumer (B2C)

HQ: New York City, New York
Founded: June 2015
Website: arcbit.io
Twitter: @arc_bit

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: DoubleNet Pay Puts Payday at the Center of Financial Planning”

Around the web

  • Coinbase expands its services to Canada.
  • Zopa appoints Jaidev Janardana to CEO; co-founder and former CEO Giles Andrews assumes role as executive chairman.
  • ArcBit highlighted in Brave New Coin feature on iOS-based digital wallets. See ArcBit at FinovateFall 2015 in New York.
  • Xero and Bill.com team up to offer Direct Sync integration for SMEs.
  • Utah Business Magazine names MX number 20 of 50 of Utah’s fastest-growing companies.
  • ID Analytics names Scott Carter CEO.
  • Ormsby Street opens offices in Italy. See Ormsby Street at FinovateFall 2015 in New York in September.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.