Bitget has launched an MPC wallet with the aim of improving security and user experience.

According to the platform, MPC wallet utilizes a distributed key generation mechanism, allowing multiple parties to control distributed private keys and thereby distribute asset management.

In addition, it provides a user-friendly experience that eliminates the need for a mnemonic phrase, enabling users to authenticate and manage their assets using a password, to lower the risk of private key exposure.

In terms of advanced security measures, Bitget disclosed the MPC wallet incorporates a threshold signature scheme, employs secure large prime numbers, and features a 2/3 threshold setup. This means that only two-thirds of the total key shares are required to authorize a transaction.

To enhance decentralization and security, the remaining key share is securely stored on a backup cloud server. This ensures an elevated level of protection, Bitget highlighted.

The crypto exchange said it aims to offer enhanced security and a seamless user experience for cryptocurrency traders through the introduction of its MPC wallet.