Theya: Revolutionizing Bitcoin Self Custody for Businesses

Get 10% off your annual subscription for Theya Essential with code: "SOVREIGN"

‍

Custody in bitcoin is one of, if not, the most important thing to consider as a business using bitcoin. Since launching in 2023, Theya has established itself as a pioneering force in bitcoin self custody solutions. 

Founded by Smeet Bahtt, Sriram Bhargav Karnati & Vikas Choudhary with the vision of simplifying and securing bitcoin ownership, Theya offers a user-friendly platform that combines cutting-edge multi-signature (multisig) technology with an intuitive mobile interface. 

‍

Theya’s unique approach to bitcoin security

At the core of Theya’s offerings is its outstanding 2-of-3 multisig wallet system. This approach significantly enhances the security of bitcoin holdings while maintaining ease of use for customers. Theya’s innovative approach to bitcoin self custody addresses several critical risks associated with centralized cryptocurrency exchanges (CEXs). Utilizing a 2-of-3 multisig vault system, Theya significantly enhances security, requiring two key approvals for transactions and allowing users to integrate hardware wallets for added protection, mitigating regulatory vulnerabilities that CEXs face. 

Here’s how it works:

• Three keys are generated for each wallet.
• Users control two of these keys.
• Theya securely holds the third key for recovery purposes only.
• Based on preference, you can add additional third-party keyholders.

Theya’s setup ensures that users maintain primary control over their funds while having a robust backup system in place. The multisig approach eliminates single points of failure—a common vulnerability in traditional bitcoin storage methods—and significantly enhances the resilience of users’ bitcoin holdings against potential exchange failures or shutdowns. 

As a business, multisig is a surefire method to derisk itself from the central point of failure of relying on only one key for its bitcoin holdings.

Theya offers different subscription plans to cater to various client needs. The most popular plan is the Essential plan, offering enhanced features for premium users. 

Theya’s platform is currently available for iOS devices, with an Android version in development, expected to be unveiled soon.

‍

The technology behind Theya

Theya’s platform leverages several key technologies to ensure security and usability:

• Multisig technology: The core of Theya’s security model, requiring multiple signatures for transactions.
• Mobile and web interfaces: User-friendly applications that make complex security measures accessible.
• Hardware wallet integration: Support for various hardware wallets, enhancing cold storage options.
• Secure key management: Advanced systems for managing and securing the third key held by Theya.

‍

Key features of Theya’s platform

Theya’s solution tackles CEX custodial risks by enabling true self custody, where users maintain control of their own keys. This paradigm shift in how people store their money not only aligns more closely with the decentralized ethos of bitcoin, but at the same time provides users with sovereign vault recovery options, ensuring full access to funds even in the event of Theya’s unavailability. 

‍

Multikey vaults

Theya’s 2-of-3 multisig vaults require two key approvals for any transaction. This multi-layer protection is designed to safeguard against unauthorized access and potential theft.

‍

Shared custody options

One of Theya’s standout features is the ability to delegate custody of keys to trusted individuals. This feature supports collaborative management of bitcoin holdings, making it ideal for businesses or family wealth management.

Additionally, Theya also supports integration with popular hardware wallets, like Coinkite’s Coldcard, Foundation Passport, and others, with more hardware devices to come in the future. This flexibility allows users to incorporate their preferred security hardware into their multisig setup and also ensures the key to your holdings is well secured on a hardware device and not just written somewhere in your favorite book.

‍

User experience and accessibility

In the event of key loss, Theya supports both sovereign and assisted recovery options, guaranteeing that funds remain accessible even if a key is lost or if Theya’s services go offline.

Theya has prioritized user experience in its design, making bitcoin self custody accessible to a wider audience. The platform offers:

• A mobile-first design
• A streamlined setup that takes only minutes
• An intuitive interface for managing vaults and transactions

Security considerations

Theya’s approach addresses several key security concerns for bitcoin custody:

• Elimination of single points of failure: By requiring multiple keys for transactions, Theya mitigates risks associated with key loss or theft.
• Protection against exchange risks: Self custody helps users avoid risks associated with CEXs, such as hacks or mismanagement.
• Enhanced recovery options: The third key (held by Theya) serves as a backup, ensuring users can recover their funds even if they lose one of their keys.
• Ensuring authenticity: Theya’s solution supports only real bitcoin, not “paper bitcoin” that CEXs don’t actually hold on hand.

‍

Theya for bitcoin advisors

Recognizing the growing need for professional bitcoin management, Theya offers services tailored for bitcoin advisors too. This feature allows advisors to securely manage clients’ bitcoin using 2-of-3 collaborative custody, providing a professional-grade solution for wealth management in the bitcoin space.

‍

Recent developments

1. Direct-to-wallet bitcoin purchases

In a significant update announced in August 2024, Theya introduced a feature allowing US users to purchase bitcoin directly through its app and automatically send to self custody (via hardware wallets or Theya’s multisig vaults) with incredible benefits:

• Instant funding and low fees
• A streamlined process that eliminates the need for complex transfers from exchanges
• Quick identity verification for fast and secure purchases
• Elimination of address whitelisting requirements

This development marks a significant step in simplifying the process of buying and storing bitcoin for your business. As technology like Theya’s improves, it’s becoming easier and easier for your business’s bitcoin to end up in the right place, without having to devote too much energy and oversight in the process.

2. Web app launch

In October 2024, Theya introduced its web application, expanding access to its services beyond mobile devices. The web app allows users to create and manage bitcoin multisig vaults directly from their browsers, offering similar functionality to the mobile app.

‍

Theya: Your business’s best friend

As bitcoin continues to gain mainstream adoption, solutions like Theya are poised to play a crucial role in bridging the gap between traditional financial management and bitcoin ownership. 

Integrating bitcoin as a business involves a ton of new information as is. The fundamentals, like self custody, need to be as seamless as possible. By combining the security benefits of multisig technology with an intuitive user interface, Theya is simplifying bitcoin custody management for businesses—in a way that doesn’t compromise on security.

Theya’s brilliant team of developers never stop innovating to move the world closer towards self sovereignty of savings. As a business, this movement could not be more important for ensuring its long-term integrity, stability, and reliability. Theya’s introduction of direct bitcoin purchases and the expansion to web platforms demonstrate its commitment to this movement.

As honored partners of Theya, Sovreign is locked in alignment toward the broader adoption and secure management of bitcoin holdings. Our relationship with Theya goes far beyond a simple link between our services. Theya exemplifies a company’s code of conduct we wish to be known for working with: bitcoin-only companies bringing affordable and applicable solutions to businesses.

By using code “SOVREIGN” to sign up with Theya, you receive 10% off your annual subscription.

Our door is always open for collaboration. Please get in touch with us for a discovery call to uncover tailored solutions to your business’s needs.