Watch Civic’s CEO mention His New Cross-Border Payment System
Civic CEO Vinny Lingham joined us at the Digital Money Forum in Las Vegas last week to speak about his new money transfer platform – a worldwide system that holds no funds but instead connects multiple money services businesses (MSBs) during a global network.
The product, called Civic Wallet, will let users carry cryptocurrencies and fiat currency on their own devices and uses Civic's face recognition systems to secure the system. Because Civic holds none of the keys or currencies, the clients and MSB endpoints will use the wallet as a kind of piping. Lingham said his product uses Civic's Secure Identity Ecosystem to scale back dependence on complex keys.
Because it uses face recognition , there are not any seed phrases and restoring your wallet is as simple as watching your phone. "It's literally using your face because the key as against anything , so i do not got to remember any passwords," he said.
Lingham demonstrated the app to us during CES 2020 last week. He expects it to launch this spring.
"The app is launching to our private list with over 100,000 people thereon worldwide at the top of February. We'll start sending on invites aggressively, then the general public launch is gonna be in March," he said.