Privacy-Focused Samourai Wallet Receives $100,000 in Funding to Protect Bitcoin Monitoring
Among the many benefits of cryptocurrency over fiat currency, privacy is certainly one of them. Most fiat currency transactions done over the internet can very easily be traced and both the sender and receiver of such funds can be fairly easily identified. There are certain cryptocurrencies such as monero called privacy coins in that the sending and receiving of then is completely privacy-focused and they cannot be traced.
The use of privacy coins has been a mixed bag as while many users are drawn to them because of the privacy, criminals also often make use of these privacy coins to carry out their dealings and avoid being caught by law enforcement. Previously the privacy feature was only available for traditionally privacy-centric tokens such as monero and not for coins such as Bitcoin.
That seems to be changing as the Samourai wallet, a privacy-centric bitcoin app has received its first round of venture funding and should it be successful, could revolutionize the way bitcoin is sent and received in a new privacy-centric world.
The Samurai Wallet
The Samourai wallet was founded by two former developers at blockchain.info, Keonne Rodriguez and William Hill. Now the wallet maintainer Katana Cryptographic has received a $100,000 investment from Cyberpunk Holdings in order to develop their vision. The wallet is specifically designed for Android users and helps to protect their privacy while they make use of bitcoin.
“There is no other cryptocurrency that is as battle-tested and hardened as bitcoin,”
Rodriguez, Katana’s director, told CoinDesk.
“The founding team of Samourai has zero interest in working on other coins or even other layers of bitcoin at this time.”
They also offer certain interesting features in the wallet such as its service that put intermediary nodes between transactions which creates a sense of uncertainty about which wallet is paying for what good or service. There is also an in-built feature that makes it difficult to trace the provenance of someone's Bitcoin. In exchange for these privacy services, the company charges a fee in Bitcoin from the users.
There is also a free feature called Stonewall which creates doubt about the ownership of the Bitcoin. There are also plans to launch Dojo, which is a hardware product that comes with a bitcoin node that is built to work within the wallet.
The wallet currently has 27,000 users and has been released since 2015 with its full version due to come out in June 2019. According to Rodriguez, there is also going to be a focus on development, customer service, and quality assurance even as the wallet’s user base increases.
The wallet has received great praise from those within the industry for its innovation as well as the service it provides for users.
“I have respect for any company that adds utility for Bitcoiners and Samourai is clearly willing to go against the grain to add privacy options for users. If Bitcoin is freedom money, Samourai are freedom fighters,”
said John Carvalho of Bitrefill.
Hopefully, this round of funding will help the Samourai wallet expand its efforts and provide more services for users while helping to push privacy within the world of crypto and beyond.