Lugano, Switzerland, Dec. 9 – Elysium Lab Sagl, an innovative startup in Bitcoin and Authentication based in Lugano, Switzerland, announces the launch of a keyless authentication system, used for the first time in the Elysium wallet for Bitcoin and Stablecoin, which is live in 36 countries.
Strategic partnerships for a stronger Fintech and Bitcoin ecosystem
Elysium Lab Sagl has established itself as one of the most promising startups in the Bitcoin and authentication sector, forging essential partnerships with key players in the industry.
Elysium Lab is part of Lugano Plan B, an initiative of Tether and Lugano City, invested by Fulgur Venture and accelerated by Tenity (a top 25 accelerator worldwide).
It has top players in Bitcoin, Fintech, and Stablecoin.
Also, part of significant ecosystems such Blockchain Nation Switzerland and awards like Top10 Finance in Venture.ch, Elysium Lab boasts among its partners Lexify in the legal field, Breez for integration with Lightning Network and Liquid, and other players to be announced by the end of the year.
A Step forward in the adoption of digital assets
According to the most up-to-date estimates for 2024, about 6.8 percent of the global population, equivalent to more than 560 million people, currently own digital assets. Despite this widespread curiosity, growth in the number of users has not followed the same pace. This phenomenon can be compared to the spread of the Internet in its early years, when, despite its revolutionary potential, adoption was gradual.
Systems such as Bitcoin and the Lightning Network promise significant improvements over traditional payment systems, offering a transparent, constantly operational infrastructure with superior performance. This has generated strong interest from both private users and institutions. However, the adoption of this technology is slowed by several challenges: the complexity of use and onboarding, fragmented regulation, and security threads. Many users, faced with these barriers, hesitate to explore the field despite high expectations.
In addition, the prevalence of fraud and fund loss has prompted users to resort to traditional methods, depositing their assets on exchanges and through intermediaries.
This behavior goes against one of Bitcoin's fundamental principles, disintermediation in payment systems. Bitcoin was designed to eliminate intermediaries in the access and use of money, creating a secure and transparent digital form that reassigns financial control to individuals.
Elysium Lab is dedicated to reducing the barriers to entry in this area, making the technology accessible to the less experienced through simple and intuitive tools without distorting how it works.
“The launch of the Elysium Wallet represents the first step and use case of the technology developed for Keyless authentication, for an ecosystem of services and economic systems, businesses, and protocols moving on chain and Bitcoin. Finally, we can enter users' daily lives by improving security and accessibility.”
– Aron Clementi, Co-Founder & CEO of Elysium Lab
A Solution for Mass Adoption
The wallet developed by Elysium Lab aims to overcome challenges that have hindered the adoption of mass and connected payment systems, including stablecoins such as Tether's USDT. These include the loss of private keys, the risks and complexity of existing solutions, both centralized and decentralized, and the simplicity of managing on-chain identity, payments, and asset management.
Elysium Lab's platform is built on security, and it implements several advanced measures to protect users and their digital assets.
The Elysium Wallet is designed to set new security standards in the industry through a holistic, multi-layered approach to protecting users' funds while maintaining a simplified and intuitive user interface. Unlike other wallets available on the market, Elysium introduces an innovative method for account management by developing a proprietary algorithm for user authentication, recognition and data retrieval.
This algorithm eliminates traditional concepts such as seed phrases and private keys, making them “invisible” to the end user but still self-custody.
“Elysium was born to simplify access to this technology, offering people a secure and simple alternative to traditional banking system. The product launch is key for the team to showcase the progress made over the past few months. Elysium aims to provide an alternative means of exchanging value, allowing users to remain fully in control of their assets and using a innovative technologies like Bitcoin and Stablecoin capable of revolutionizing the entire global financial system.”
– Gianmarco Guazzo, Co-founder & CTO of Elysium Lab
The Elysium team has placed the user at the center of the development process, creating a suite of features to integrate this technology into everyday life. The goal is to create a specialized product for everyday use, leveraging the potential of Bitcoin and stablecoin but offering a familiar and accessible interface typical of traditional banking platforms. This mix of technological innovation and operational familiarity aims to transform the everyday payment experience, making it more secure, efficient, and adapted to the needs of the modern world.
Here are some key aspects:
Simplified access and recovery
Elysium Lab introduces new onboarding, spending, and recovery systems that radically transform the user experience. As familiar as passwords but as secure as the highest cryptographic systems, keys are not mail saved in the device and never stored somewhere but derived by the user instantly when needed. This eliminates the complexities typical of private keys and traditional onboarding processes, overcoming competitor limitations and offering users a simple yet secure experience against physical and virtual theft. With the slogan “You are the key,” Elysium Lab puts the user at the center of the product, enabling them to customize their security based on “what they are, what they know, and what they own.” This cutting-edge approach enhances security and gives users greater flexibility and control. The intuitive user interface and simplified onboarding and account recovery procedure allow even novice users to navigate easily without compromising security.
Simplified payments and transactions
Elysium Lab's wallet makes on-chain and off-chain payments fast and simple, abstracting the complexity of digital asset management. Users will only need to provide essential information, such as the recipient, the amount, and the asset to be transferred. The wallet will take care of all operational complexities, eliminating the need for the user to manage different Blockchains directly and simplifying the process of approving and transferring assets.
Identity management
Elysium Lab's wallet not only simplifies digital payments but also strives to develop an effective framework for user identity management, both in the real world and in the digital, “on-chain” world. This unified platform provides a consistent and secure experience appropriate for new regulations.
Wallet analysis and tax compliance
Elysium Lab is committed to constantly improving its offerings for users. It plans to integrate advanced tools for portfolio analysis and digital asset and payment management into its wallet. This development will allow users to easily monitor their investment exposure, view real-time performance, and generate detailed reports for tax compliance. The goal is to provide a comprehensive solution that facilitates daily financial management, making every transaction transparent and compliant with current regulations.
Launch event and press invitation
The Elysium Lab app is officially available for download on iOS devices via the App Store and Android devices via Google Play.
For more information on the launch event and the Elysium portfolio, please visit the official website: www.elysiumlab.io.
Press contacts:
For further details and requests, please contact our press office using the contact details below.