Digital spending has gained immense traction.
But the future of digital spending’s growth does not rest on technology per se — it rests on trust. Trust in crypto remains fragile. Common concerns include losing a private key, falling victim to phishing, approving the wrong address, or making irreversible mistakes. These risks are real. Chainalysis reports that private key compromises have accounted for 43.8% of stolen crypto in 2024 — the largest share of losses that year. Dfns highlights similar challenges from an infrastructural perspective, noting that mistakes do occur and key loss is a persistent issue for both individuals and businesses.
To be sure, trust rather than technology is often the primary barrier to crypto adoption. Most users do not want to manage cryptographic keys, store seed phrases, or consider recovery procedures with each payment. They prefer a payment experience that feels secure, allowing the technology to remain unobtrusive. Wallet-as-a-Service (WaaS) addresses this need.
WaaS allows users to avoid the direct management of private keys. A specialized provider manages the wallet infrastructure, enabling product teams to focus on the payment experience. Dfns describes its platform as WaaS infrastructure that enables organizations to create, manage, and embed wallets at scale through a secure, programmable wallet platform. The goal is not to complicate custody, but to provide a secure wallet layer so builders do not need to develop custom crypto security solutions for every product. This distinction is important because secure custody involves not only storage, but also system architecture.
Dfns’s wallet model uses Multi-Party Computation (MPC). MPC eliminates a major risk in traditional wallet design — storing a complete private key in one location. Instead, Dfns employs a Threshold Signature Scheme (TSS) to generate multiple secret key shares. No single key exists in full, and the key is never reconstructed during signing. For spending products, this shifts the custody model from protecting a single secret to operating through distributed controls.
Access to the wallet layer is equally important. Dfns does not rely on passwords as the primary security method. Its documentation states that Dfns uses passkeys based on the FIDO2/WebAuthn standard, providing a phishing-resistant login experience and eliminating the need for shared secrets that can be stolen or reused. Passkeys also offer two-factor protection (2FA) through the user’s device and biometric or PIN verification. This approach delivers stronger authentication without depending on the password-and-code model frequently targeted by attackers. However, security extends beyond key custody and authentication.
Dfns organizes its platform around operational controls, including Transaction Lifecycle Management (TLM) and Wallet Entitlement Management (WEM). TLM orchestrates onchain transfers with comprehensive control and visibility, while WEM defines who can access, approve, and manage wallets and transactions. This is important because secure wallet infrastructure depends not only on key storage, but also on clear permissions, rules, and audit trails.
Indeed, Dfns positions itself as institution-grade infrastructure rather than a consumer wallet app. It has secured over $20 billion in assets, created more than 10 million wallets, and processes over $1 billion in monthly transfers. It is also trusted by organizations such as ABN AMRO and Gemini, and its March 2026 announcement notes that Bridge — a Stripe-owned company — runs its stablecoin payments on Dfns.
Dfns’s foundation and capabilities are why BullSwipe has selected it as its wallet infrastructure partner. BullSwipe is not a do-it-yourself crypto wallet that requires users to manage key information and operational security independently. Instead, it is built as spending infrastructure on top of institutional wallet systems. This distinction is important. The product’s goal is not only to make digital value spendable, but also to ensure the spending experience feels secure for everyday use.
