BVNK wallets are used for identifying incoming and outgoing transactions and customer addresses, in the same way that a traditional bank account is. We use a double-entry ledger to identify and keep track of all customer funds.
Double-entry accounting is where each transaction is recorded in at least two accounts as a debit or credit. In a double-entry ledger, the amounts recorded as debits must be equal to the amounts recorded as credits. This approach improves accuracy, making it easier to detect errors.
We store private keys safely through a combination of our own security modules and custody partners like Fireblocks and BlockCypher.
We use industry-leading compliance ciphers to encrypt private keys (the digital codes that secure your assets) and we store decryption keys (codes to unlock your assets) offline. Unlocking them requires multi-party signing.