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 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.