Crunchfish Digital Cash integrated with V-OS Virtual Secure Element
Crunchfish AB (“Crunchfish”) announces today that the Digital Cash solution has been refined and is ready for shipment with V-OS Virtual Secure Element. V-OS is a trusted execution environment where Digital Cash is securely stored, and Digital Cash processes can be executed in isolation from the unsafe environment of the mobile app.
Worldwide we have made us dependent on the net. Digital payments are no exception, and demand reliable online systems. At the moment of payment, there is a risk that the payment is denied due to no network connectivity, infrastructure failure or overloaded bank servers. With Crunchfish Digital Cash the payment is made locally on the smartphone, completely offline and irrevocably, providing 100% payment performance.
Crunchfish Digital Cash Wallet has now been integrated and is ready for shipping with V-OS Virtual Secure Element. This means that the Digital Cash Wallet is a packaged solution with a secure component that creates a trusted execution environment where data is securely stored, and where processes can be executed in isolation from the unsafe environment of the mobile app.
The Digital Cash Wallet maintains a credit balance as well as a log of all offline transactions. As this is sensitive data it must be maintained with banking grade security. This is accomplished by a secure element within the app that handles cryptographic keys, verification of user credentials, authentication of transactions, and maintenance of digital cash credit balance and transaction log.
Crunchfish and V-Key entered a Marketing & Technical Partnership Agreement in July 2020. V-Key is the inventor of internationally patented V-OS, the world’s first Virtual Secure Element, which recently obtained Common Criteria EAL3+ on both Apple iOS and Google Android mobile phones.
“This is a milestone in the development of Digital Cash. Our Digital Cash makes digital payments available offline and ensure 100% payment performance. With V-OS integrated, we now have a packaged solution ready for shipping”, says Paul Cronholm, CTO of Crunchfish.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: email@example.com. Telephone +46 40 200 250.