OTTR Finance

Ottr (Otter Tail Corporation) Finance is a Singapore-based digital wallet startup founded in 2023. Ottr Finance offers a crypto wallet compatible with Solana, one of the fastest and most cost-effective blockchain networks today. Ottr Finance also features include integration with US bank accounts, fee-free gasless transfers and trading, and passwordless cloud backups.

Ottr Finance aims to replace traditional banking services by providing similar experiences built on top of Solana blockchain. Using Ottr wallet, customers can send money instantly and free to anyone around the world. Customers can trade various crypto currencies and earn yield using staking and DeFi. In many cryptocurrency wallets, users typically must generate complex private keys and manually ensure their backup to maintain security and access. These tasks can be challenging, especially for mobile users who may risk losing their keys and assets or opt out of the registration process altogether.

Instead of placing the burden of security on users, Ottr takes a different approach by automatically encrypting and backing up keys to the cloud. This feature is seamlessly integrated into Otter's application and operates without the need for passwords. Consequently, users are relieved of the responsibility of remembering secret credentials to access and manage their funds, and they are protected against potential vulnerabilities from weak or reused passwords that hackers could exploit.

Ottr chose to implement one-time passcodes (OTPs) to enhance their authentication and encryption system. However, Ottr encountered a challenge with relying on AWS meant their authentication provider was limited to Amazon Cognito, an OTP solution that was rigid and posed difficulties in integration. Moreover, implementing and customizing this solution would consume significant development time and resources. As Ottr navigates these challenges, the focus remains on delivering a secure, user-friendly experience that minimizes risks associated with key management and authentication, ultimately ensuring the safety and accessibility of users' digital assets.