In addition to "Grammy Award-winners" and "world's highest-paid DJs," The Chainsmokers can now add one more title to their staggering résumé—angel investors. Having taken a short hiatus from music following the conclusion of the rollout of their third studio album, World War Joy, the superstar tandem have taken their time off to explore opportunities outside the music industry.
The Chainsmokers' latest venture pertains to Casa, a Bitcoin security company that received a significant investment from Mantis VC, the duo's financial investment arm. Following The Chainsmokers' contribution, Casa officially launched its "Casa Wallet" platform on June 15th, 2020 and took to social media to exult.
"Casa Wallet" is a secure and private digital wallet that the company is touting as a must-have for first-time Bitcoin purchasers to store their currency. Offering personal security for its users, "Casa Wallet" is a great alternative to those who would otherwise shy away from the convoluted web of complex crypto wallets.
The platform offers "Health Checks," a feature designed to provide peace of mind to its users by ensuring that the wallet's functionality and security measures are always up-to-speed. "Casa Wallet" also operates under a seedless security model, which means that it establishes a private key on the user’s phone and uses it to back up the data not only to Casa's servers, but also to their preferred cloud service. To further drive their mission of self-custody home, Casa does not grant itself access to those keys, allowing users to perform a local check on their own by sending reminders on a regular basis.
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According to a blog post made by Casa's Michael Haley, The Chainsmokers' investment was secured in execution of the company's goal to "make self-custody the norm for consumers everywhere."
"In our research, we’ve learned that most users simply lack the knowledge and time to properly secure seed phrases - leaving their coins exposed to loss or theft - and many users don’t even fully understand seed backups to begin with," Haley wrote. "This makes seed phrases a highly-vulnerable single point of failure, not to mention a terrible user experience... The Casa Wallet is designed so users don’t need to worry about managing an unencrypted seed, but can still retrieve their seed phrase in a worst case scenario."
Bitcoin enthusiasts and fans of The Chainsmokers can find out more information about Casa via the company's official website.