Blockchain LTD Readying New Wallet

Bitcoin wallet provider Blockchain LTD has raised over 30 million dollars from Mosaic Ventures, Future Perfect Ventures, Richard Branson, Litespeed Venture Partners, and more. The company owns Blockchain.info, which is arguably one of the most popular and heavily used bitcoin web based wallets.

The company has been working on a redesigned wallet in secrecy and is preparing to begin sending out invites for a round of testing to users.

Sources close to the rollout of the new wallet software have stated to Coin Fire that the wallet design isn’t just about a new and improved interface but features better security. Some close to the company have speculated the new system is a hierarchical deterministic wallet. HD wallets, as they are better known, allow keys to be generated from a single source or seed.

The current Blockchain.info wallet system is a hybrid wallet implementation. Hybrid wallets such as Blockchain.info use Javascript in many cases to manage your private keys and create payments. While the hybrid approach has merits for usability it can result in security issues from malformed or malicious Javascript, the browser still presents a large attack surface, and entropy might not be suitable.

Blockchain.info has come under fire in the past for mistakes regarding security, even being delisted from Bitcoin.org, but the company is working to create a new wallet implementation that many inside the company believes will address many of the past issues.

Blockchain.com, the corporate entity for Blockchain.info and the Blockchain.info wallet, is allowing users to signup for a “test drive” of the new wallets at https://blockchain.com/invite

Details remain sparse what the new wallet will entail and official company sources are remaining tight-lipped.