Business wallets are like regular digital wallets, only more scalable. These wallets are designed to handle high-volume cryptocurrency transactions on specific blockchain networks.
In most business wallets, enterprises can be able to manage their assets on exchanges, Over-the-Counter (OTC) desks, and other linked digital wallets under one single platform. This takes away the need for users to keep on inputting deposit addresses or their passwords in order to interact with exchanges.
Business wallets also implement an SDK library which enables them to access new products and services on supported blockchain platforms.
To ensure the integrity of the wallet’s transaction authentication protocols, most business wallets follow a multi-signature and multi-party computation standard. This means that before transactions are made through the wallet, there is a threshold for signatures that first has to be met.
Regulatory-compliant standards also ensure the security of an owner’s assets. Its deposits can also be insured up to a certain amount. With the rise in institutional interest in 2020, there are expectations that 2021 will be a big year for the evolution of business wallets that are regulatory compliant (AML/KYC), highly secure, convenient and which can fulfil the demands and requirements of traditional finance.