Blockchain identity firm Civic Technologies has tapped BitGo to build a new crypto wallet.

Expected to be launched in the final quarter of this year, the new Civic Wallet will utilise BitGo’s multisig technology.

Powered by BitGo, the users of the wallet will be able to store, send and receive crypto while retaining control over their personal data.

Private keys will be stored on the mobile device of users, while backup systems will enable restoration of the wallet in the event of a theft of the mobile device.

Bitgo co-founder and CEO Mike Belshe said: “With the Civic Wallet, individual users are getting more privacy and security in managing their cryptocurrency than ever before.

“It used to be that if you lost your mobile device, containing your digital wallet’s private key, you lost all of your crypto. This is not the case with Civic’s new wallet.”

Civic Wallet leverages blockchain to authenticate users’ identifiable information, without spilling out the underlying data between various parties.

Users will also be able to share portions of their verified identity with third parties selectively.

Civic co-founder and CEO Vinny Lingham said: “With Civic Wallet, it will be easy and safe to transfer, hold, or use crypto, so that people who are not technologically savvy can use it too.

“The world needs tools that lower the barrier to entry for blockchain technology.”