We caught up with Sangsu Baek, CEO and Co-founder of D'CENT, to see how they are using Covalent's API to power one of the leading wallet providers in South Korea.
Q: Can you explain D'CENT?
D’CENT was born in 2018 and is now offering 3 different types of wallets. The biometric wallet is our flagship model and it is the world’s 1st hardware wallet with biometric authentication with Bluetooth connectivity. The card type wallet (with NFC communication) and App wallet were brought into the market last year. We are continuously adding new networks and optimizing the user experience to bring more users into the blockchain-related industry. It has been a very exciting journey in becoming the leading wallet provider in the local market (South Korea) and to be exploring opportunities in global markets.
Q: What use case(s) does the Covalent API help you solve?
One of the hottest topics in blockchain is DeFi and we believe that this sector of crypto/blockchain is in the incubating stage. If you look at the one of biggest DeFi service providers, Uniswap, their transaction volume will continue to grow. From the perspective of a wallet provider, this continued traction and growth in DeFi will no doubt lead to an increased demand for services that deliver a comprehensive overview of user’s assets at a single glance.
With the Covalent API and the extensive data it provides from a number of blockchains, we believe it will help us offer such. Users of D’CENT can easily check how much of an asset is at the service pool for example as well as the incentives that they would get. All powered by the Covalent API. Furthermore, with Covalent supporting the Klaytn network, the local market will be positively impacted (Klaytn network was introduced by Ground X, one of the subsidized companies of Kakao, a SNS giant in Korea).
Q: What endpoints are you using?
We use Class B endpoints as well as Class A endpoints to support multi-chain functionality on D’CENT as well as to analyze DeFi protocols. Some endpoints that we use include:
Below is an example of the D'CENT Dashboard powered by Covalent.
Q: In your own words how do you feel Covalent is helping power your project?
Security is our fundamental philosophy, and user interface and experience are two key pillars for us to not only capture more users but also engage with them. We believe the services that the Covalent API provides will help us to continue to offer new features to users who are using DeFi services. This partnership will continue to flourish as DeFi continues to accelerate toward mainstream adoption.
Resources
All of the endpoints mentioned above and used by D'CENT can be found below.
About IoTrust
IoTrust (Creator of D’CENT wallets) was founded by tech specialist & security experts with over 20 years of security know-how and engineering experience in development of deeply embedded security solutions including Secure Element and TrustZone.
Our mission is to protect our customer's digital assets through D'CENT Hardware Wallet, a combination of Software and Hardware Security solutions born from our experience in 2018.
Twitter | Facebook | Youtube | Medium
About Sangsu Baek
Sangsu Baek is the Co-Founder and CEO of IoTrust. Prior to IoTrust, Mr. Baek was one of the founders in a previous company that successfully went public via an IPO (listed in KOSDAQ) and lead the Mobile Security Division as Vice President.