Crunchfish

Crunchfish receives positive patentability report for quantum-safe Digital Cash

Crunchfish Digital Cash AB (“Crunchfish”) has received an International Preliminary Report on Patentability (IPRP) in Chapter II of the Patent Cooperation Treaty (PCT) for a key Digital Cash patent application PCT/SE2023/050294 with a focus on making Digital Cash quantum-safe, indicating that all claims 1 – 45 are deemed patentable. This patent makes Crunchfish Digital Cash future-proof and secured for attacks by quantum computing and extends Crunchfish extensive patent portfolio within the Digital Cash business area.

A diagram of a payment scheme

Description automatically generated

 

Crunchfish has applied for a patent that makes Digital Cash resistant to attacks by quantum computing, keeping payment information secure even after large-scale quantum computers has been built. The advent of large-scale quantum computing offers great promise to science and society but brings also significant threats to the global information infrastructure. Public-key Infrastructure, widely used on the internet today, relies upon cryptography that is believed to be secure given the computational power currently available. However, popular cryptographic schemes, including RSA and Elliptic Curve Cryptography, will be easily broken by a quantum computer. This will rapidly accelerate the obsolescence of our currently deployed security systems and will have dramatic impacts on any industry, including payments, where information needs to be kept secure.

 

The innovation is based on combining two different data integrity schemes and offers a new paradigm for offline payments that addresses the challenges which can be expected in the era of quantum computing. A two-step process is applied. Payments are first negotiated offline by short-range data communication using a quantum-secure cryptographic key as a shared secret. Subsequently, payment settlement by broadband data communication is secured by signing the settlement request with another quantum secure cryptographic key.

 

With quantum computing, all information that is transmitted on public channels is vulnerable to eavesdropping. Encrypted data can also be stored for later decryption once quantum computing becomes available. Bitcoin is one example where previously made transactions are accessible by anyone and puts a substantial amount of Bitcoin at risk. Even if large-scale quantum computers are still a few years into the future, preparations must be made now, as the timing when technical innovation leapfrogs is hard to predict.

 

“We are extremely happy that yet another innovation has been deemed patentable. It strengthens Crunchfish leadership in offline payments by making Digital Cash safe for quantum computing attacks. It solves a key problem that must be addressed in the advent of quantum computing”, says Joachim Samuelsson, CEO of Crunchfish.

 

The patent has priority from a Swedish patent application filed in March 2022. The next step is to enter the phase of nationalization by September 2024 when Crunchfish must decide which markets to protect this important innovation. A patent would be valid until March 2042, 20 years from the original filing date.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:20 CET on April 8th, 2024.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

 

 

 

Download as PDF


Crunchfish receives positive examination report for strategically important Digital Cash patent application

Crunchfish Digital Cash (“Crunchfish”) has received a positive International Search Report in the international patenting process for its strategically important Trusted Application Protocol (TAP) patent application. Crunchfish’s communication security protocol for mobile applications is based on TAP as it provides end-to-end integrity if internet access is available and enables communication over alternative networks if internet is not available.

A diagram of a communication stack

Description automatically generated

 

Digital payments are not as robust as required given its critical role as a public good in the modern society. This is also true for digital applications in general. Typically implemented using a client server network model, the TAP enables digital service without internet access. Crunchfish’s innovative product Digital Cash telecom is an example of the use of TAP when internet access is not available. This will be piloted for the Digital Rupee, the Central Bank Digital Currency (CBDC) in India. When the internet TCP/IP communication is available the TAP enables end-to-end integrity for client server communications.

 

The International Search Report (ISR) is the first feedback round in the international PCT patenting process. This has now been issued for Crunchfish’s strategically important TAP patent application with international patent application number PCT/IB2024/051131. The PCT-process and its milestones was described in more detail in the Crunchfish press release from April 2021 when Crunchfish received the ISR for its initial patent application within Digital Cash. 

“The Trusted Application Protocol is a strategically important innovation for Crunchfish as our communication security protocol for mobile applications is based on TAP. Whereas the internet TCP/IP protocol provides survivability in the face of failures between networks, Crunchfish’s TAP provides integrity and robustness for communications between client applications and host servers as well as between applications in proximity”, says Crunchfish CEO and inventor Joachim Samuelsson.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:00 CET on April 2nd, 2024.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

 

 

 

Download as PDF


Crunchfish enables secure and scalable mobile card payments

Crunchfish AB (“Crunchfish”) broadens the Digital Cash solution by patenting secure and scalable mobile wallets using Host-based Card Emulation (HCE) for online as well as offline EMV payments leveraging virtual secure elements. This patent-pending application is of strategic importance for Crunchfish as it extends the company’s total addressable market and the near-term revenue opportunities considerably as mobile wallets with tokenized HCE payments is the major digital payment method in the world, with almost 5 billion mobile wallets at the end of 2023.

A screenshot of a computer application

Description automatically generated

 

It is a challenge to add secure HCE payment capabilities to payment applications on smartphones. Payment applications running on smartphones are implemented in software-based Rich Execution Environments (REEs), which provide high level of scalability but have security issues for HCE payment applications. EMV tokens, credentials and other HCE assets are not safe from attacks. To be truly secure, HCE payments must be implemented as a Trusted Application (TA) within a Tamper Resistant Element (TRE) that protects the TA with an isolated secure runtime for storing of EMV tokens, credentials, and other HCE assets.

A key consideration for establishing the required additional security with maintained scalability is how the TRE is implemented. It could either be implemented in hardware or software. HCE payments implemented in a hardware-based TRE are hard to scale as such TREs are controlled by device manufacturers (OEMs) or mobile network operators (MNOs). A software-based virtual TRE adds the required additional security whilst maintaining the desired scalability as it is easily deployable and maintainable on all smartphones, without any OS, OEM, or MNO dependencies. Furthermore, Crunchfish’s novel approach for HCE payments has the potential to enrich HCE payments by adding novel use cases, e.g. offline, scan and pay and P2P payments.

 

“This innovation is a significant milestone for Crunchfish as it positions Crunchfish as a disruptive technical provider within the mainstream mobile card payments. The total addressable market and near-term revenue opportunities for Crunchfish are significantly increased by adding HCE payment capabilities to our secure and scalable Digital Cash solution for offline payments.”, says Joachim Samuelsson, Crunchfish’s CEO.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on March 27th, 2024.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

 

 

 

Download as PDF


Lunchsnack med VD Joachim Samuelsson efter Investerardagen

Crunchfishs VD Joachim Samuelsson deltog på Västra Hamnens Investerardag där han presenterade det senaste kring Crunchfish. I ett efterföljande Lunchsnack med Johan Wimark på Emergers diskuterades presentationen med möjlighet för aktieägare att ställa frågor. Lunchsnacket täckte fem olika områden.   

  • Hur ska Crunchfish lösa sin finansiering?
  • Varför behövs offline betalningar och hur är Crunchfishs Digital Cash unikt?
  • Crunchfish utveckling av Digital Cash fram till idag
  • Varför skall man investera i Crunchfish?
  • Övriga frågor

Länkar till inspelningarna av de två eventen finns här:

Västra Hamnens Investerardag

Lunchsnack med frågestund

För mer information, kontakta:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on 12th March 2024 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.


Crunchfish Digital Cash protector increases the security for 3rd party offline payment services

Protecting offline payment applications is hard as offline payment introduces specific risks relating to bearer instruments and double-spending. Crunchfish Digital Cash offline solution enables offline payment for 3rd party online payment services by offering a secure, isolated runtime and encrypted storage with rollback protection for all offline assets. Crunchfish announces now the Digital Cash protector as an offline payment application protection add-on for 3rd party offline payment services.

 

Offline payments introduce specific risks that need careful consideration. Since the offline assets reside in a bearer instrument that is in the control of a potential attacker, it is of paramount importance that the payment application takes the necessary precautions to protect the offline assets and any operation performed on them. There are multiple ways that a potential attacker can stage an attack that results in double-spending.

 

Crunchfish is now announcing Digital Cash protector as an offline payment application protection to increase the security in 3rd party offline payment services. The Digital Cash protector is built with a subset of security features from the Digital Cash offline solution and may be integrated as a security layer by application providers at multiple hierarchical levels.

 

 

A diagram of a computer application

Description automatically generated

 

Figure: Crunchfish Digital Cash protector may be integrated at multiple levels in the payment application.

 

Protecting offline payment applications is hard, and existing mobile software protections are insufficient for offline payments. Although these protection mechanisms are better than nothing, they do not hold back attackers for long. Please refer to Crunchfish’s recent whitepaper Offline payment on smartphones outlining the risks, mitigations, and key security requirements for offline payments as background information to this announcement.

 

“Crunchfish Digital Cash is the only offline payment solution for smartphones that is both secure and scalable. The security levels in external offline payments services can now be increased using Digital Cash technology and security features. The Digital Cash protector has already been presented and very well received by many key stakeholders in the Indian payment ecosystem as it augments the security for the offline payment services announced for UPI Lite and the Digital Rupee”, says Joachim Samuelsson, Crunchfish’s CEO.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information was provided by the above for publication on 13th February 2024 at 08:30 CET.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

 

 

 

Download as PDF


Crunchfish Digital Cash and SaaS Expand target mobile operators in Africa

Crunchfish’s sales efforts have mainly been aimed towards India and the CBDC community. In Africa, mobile payments have become an integral part of the economy, but the lack of sufficient infrastructure and internet connectivity is a limiting factor. With offline payment support, the power of mobile payments in Africa can reach its full potential. A partnership has been entered with SaaS Expand to develop opportunities that this brings for Crunchfish Digital Cash.

En bild som visar Teckensnitt, Grafik, logotyp, symbol

Automatiskt genererad beskrivning

 

Mobile payments have become an integral part of the African economy, with many businesses and individuals relying on it for day-to-day transactions. Mainly provided by mobile operators and supported by a network of licensed agents, mobile money services allow registered users to deposit cash into a digital wallet, and use those funds for payments and purchases, including peer-to-peer (P2P) payments. However, the lack of sufficient infrastructure and internet connectivity limits the potential and the use of these payment services. With Digital Cash and offline payment support, the power of mobile payments in Africa can reach its full potential.

 

To develop opportunities in Africa a partnership agreement has been entered with SaaS Expand. The founders of SaaS Expand Agency bring long experience from dealing with mobile operators in Africa. The company is set up to act as an agent for Crunchfish. Initial focus will be on the large mobile operators in Africa. Already a first NDA has been entered with a major operator group that are present across Africa. The partnership between Crunchfish and SaaS Expand also covers the rights for SaaS Expand to act as an agent in South America.  Opportunities in South America will be explored in a later phase, as Africa is the initial focus.

 

"At SaaS Expand, our mission is fueled by the transformative potential of technology in connecting cultures and enhancing personal safety and wellbeing. The integration of offline payments through Crunchfish Digital Cash is set to revolutionize financial accessibility in Africa and South America. This innovation promises to bring secure, inclusive financial services to even the most remote areas, significantly impacting the daily lives and empowerment of millions”, says Frederik Weisz, SaaS Expand’s Managing Director.

 

“Our extensive experience in these regions, ensures we have the insights and connections essential for the success of Digital Cash. We are enthusiastic about working together with Crunchfish. This collaboration isn’t just about technological advancement; it's about creating a more interconnected, financially inclusive world”, says Mark Philip Hellenberg, SaaS Expand's Executive Director.

 

“The founders of SaaS Expand bring a long history of doing business with mobile operators in Africa. Through their network we will get access to customers we haven’t been able to process before. We know that Crunchfish Digital Cash is highly relevant in the region, as lack of sufficient infrastructure and internet connectivity is common. All this adds up to a foundation for successful business together", says Joachim Samuelsson, Crunchfish’s CEO.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information was provided by the above for publication on 12th February 2024 at 08:30 CET.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

About SaaS Expand Agency – saasexpand.com 

SaaS Expand Agency is a pioneering force in the global SaaS industry, specializing in bridging the gap between European SaaS innovations and emerging markets across Latin America, Africa, and the Middle East. With over 20 years of local market experience, our mission is to revolutionize the way technology enhances personal and community wellbeing in these regions. Headquartered in Copenhagen, Denmark, SaaS Expand Agency leverages its extensive network and deep market insights to facilitate the adoption of cutting-edge European software solutions, driving progress and connectivity in some of the world's most dynamic economies.

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

 

 

 

Download as PDF