Finblox: Earn Bitcoin & CryptoGoogle Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
App Description from Google Play
Security & peace of mind 🔒
Rest well knowing that your funds are in the custody of Fireblocks, the world’s most reputable digital assets infrastructure provider. Featuring bank-grade security, encryption, and MPC technology.
Although it avoids the word ‘custodian’ in its terms and conditions, a quick search in its front-page does point to this:
When you transfer your digital assets through Finblox, the funds will be held initially with our custodial partner Fireblocks, the most trusted leading digital asset security infrastructure providing enterprise-grade security, insurance, and 24/7 access to digital assets.
(MPC) Multi-Party Computation
Furthermore, it describes in the section, “Where do you store my cryptocurrencies?”
MPC (Multi-Party Computation) and Your Cryptocurrency Deposits MPC (multi-party computation) is the next generation of private key security, allowing Finblox to store and protect your cryptocurrencies with the utmost security. MPC was first introduced as a way of protecting data that was too sensitive even to trust the cloud with. The technology has since been adapted to securely store and manage cryptocurrencies.
How We Use Fireblocks’ MPC-Based Wallet Infrastructure At Finblox, we use Fireblocks’ MPC-based wallet infrastructure to securely store your cryptocurrencies. This system uses a network of shared private keys that are encrypted and split into different pieces, held by different parties.
Once you deposit your cryptocurrency with us, our MPC-based wallet infrastructure takes over. We then have the option of either moving the cryptocurrencies you’ve deposited to our self-custody cold wallets, or to start the process of lending* them out to various borrowers. *For users who opted in the Earn program
The Advantages of Multi-Party Computation Multi-party computation allows us to securely store and manage your cryptocurrency without ever having to reveal the private keys themselves. This means that no single point of failure is at risk.
MPC also allows us to quickly transfer cryptocurrencies from one person to another by using zero-knowledge proofs to validate that the funds were transferred to the intended recipient. This prevents theft and fraud, ensuring that your funds won’t get stolen.
Despite the wording, this service clearly employs a third-party custodial provider to secure user’s funds.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.