NEW YORK, April 28, 2015 /PRNewswire/ -- Inside Bitcoin — Tether (www.tether.to), the first blockchain-enabled platform to allow traditional currency to be used like bitcoin, today announced its integration with Rivetz, a hardware-based application that leverages the trusted execution environment (TEE) to secure transactions and communication between mobile devices. Cryptographically locked and secure, TEE is built into leading Android mobile devices at the point of manufacture.
This partnership allows Rivetz to use Tether's digital cash, and provides Tether with Rivetz' core functionality of a state-of-the-art mobile payment system that meets or exceeds all current security standards.
The central components of Rivetz technology include: isolated protection of private keys, the formation of transaction amounts and destination accounts, secure display and PIN entry. This gives Tether the power to put money on phones with very high assurance of security.
Tether provides a secure platform that allows deposited US dollars (and soon euros, Japanese yen and other fiat currencies) to be tethered and converted into a 1-to-1 backed digital currency called tether USD₮. This stable digital currency can be held in online, offline or mobile wallets and easily sent peer-to-peer.
Rivetz provides a transparent and simple to install security foundation which protects private keys and assures users that their intended transactions are safely completed. Rivetz customers are already using these tools to secure Bitcoin e-commerce platforms, benefitting from a model where security is built-in. The Rivetz toolkit provides protection of the private keys and full use of the Trusted User Interface for wallet apps. This end-to-end protection of transactions offers users the assurance that mobile transactions with cryptocurrency are secure and private.
"We're excited to partner with Tether to put real money on a phone," said Steven Sprauge, Rivetz' founder and CEO. "Together, the companies combine state-of-the-art mobile payment systems with the advantages of cryptocurrency, tying them to units of value consumers are most familiar with."
Currently in private beta, each tether is backed by its corresponding currency on deposit, which can be viewed and verified in real-time via the Tether.to website and on the blockchain. Tether will be fully transparent and audited to demonstrate 100 percent reserves at all times. The near-zero fees for creating and redeeming tethers and zero-fee transferability is an incentive for rapid adoption and widespread use.
"Regardless of whether we are dealing in cash or digital currency, security and privacy are always key concerns for every consumer," said Reeve Collins, co-founder and CEO of Tether. "Our relationship with Rivetz and its app toolkit provides tether users with the extra peace-of-mind that comes with top-level cryptography, without losing ease of use."
Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency - digital cash - to the Bitcoin blockchain, Tether makes a significant contribution to a more connected Bitcoin ecosystem by adding Bitcoin benefits such as instant global transactions to traditional currency, and traditional currency benefits such as price stability to digital currency. With a commitment to full transparency and compliance, Tether is the most secure, fast and low-cost way to transact with money. For more information, please visit https://tether.to/
Rivetz Corp. is focused on solving problems associated with consumers' relationships with financial and other online services. Rivetz provides a safer and easier-to-use model for all users to protect their digital assets and online transactions using hardware-based device identity. The device plays a critical role in automating security and enabling the controls that users need to benefit from modern services. Rivetz leverages state-of-the-art cybersecurity tools to develop a modern model for users and their devices to interact with services on the Internet. For more information, visit www.Rivetz.com.
SOURCE Rivetz Corp.