Blockchain
Fireblocks Emerges From Stealth Mode With $16 Million in Funding to Help Institutions Secure Digital Asset Movement
Fireblocks (www.fireblocks.com), an enterprise platform for securing digital assets in transit, announced today its launch out of stealth mode with $16 million in Series A funding from Cyberstarts, Tenaya Capital, Eight Roads (the proprietary investment arm of Fidelity International), Swisscom Ventures and MState.
Fireblocks’ customers, which count some of the largest institutional digital asset trading operators like Galaxy Digital, Genesis Global Trading and more, use the platform to safeguard the digital assets in its portfolio as it is moved across exchanges, OTCs, counterparties, hot wallets, and custodians. Currently, Fireblocks is integrated with 15 digital asset exchanges and offers support for over 180 cryptocurrencies, tokens, and stablecoins.
More than $3B in digital assets were stolen by hackers over the last 18 months due to private key theft, spoofing, and compromised credentials. Recently, Binance, the largest cryptocurrency exchange in the world lost $40MM in bitcoin due to an insecure hot wallet and compromised API credentials. Founded by Michael Shaulov and Pavel Berengoltz,whose mobile security company Lacoon Mobile Security was acquired by Check Point, and Idan Ofrat, the VP R&D of C4 Security which was acquired by Elbit Systems, Fireblocks aims to eliminate the root cause of digital asset hacks and scams.
“While Blockchain based assets by themselves are cryptographically secure, moving digital assets is a nightmare. After interviewing over 100 institutional customers, including hedge funds, broker-dealers, exchanges, and banks, we concluded that the current process is slow and highly susceptible to cyber attacks and human errors,” said Michael Shaulov, CEO and Co-Founder of Fireblocks. “We built a platform that secures the process and simplifies the movement of funds into one or two steps.”
Joined by top security engineers from Symantec, Trusteer, IBM security and leading cryptography advisor, Prof. Ran Canetti, Fireblocks is introducing the first patent-pending Secure Transfer Environment that works with a Hot Vault system. Together, it enables digital assets to be easily transitioned from any storage solution to be primed for immediate settlement and transfer on the blockchain.
“Moving digital assets 24/7, across the globe, uninterrupted, while meeting all enterprise security requirements is industry changing,” said Ivan Brightly, CISO of Galaxy Digital.” For digital asset trading operators, the Fireblocks platform provides a robust security system for digital assets, whether stored or in transit.
“Sitting as part of the broader Fidelity group, we realize that cybersecurity is crucial in the adoption of blockchain and digital assets,” said Davor Hebel, Partner, Head of Eight Roads Ventures Europe. “We are excited to support the Fireblocks team as it develops a cutting edge technology that will help propel digital assets trading to the next level of evolution, enabling huge improvements in operational efficiencies, security, and trust.”
“Securing Blockchain based assets is one of the key challenges in modern Cybersecurity warfare, and it requires heterogeneous expertise in mathematics, system level programming and years of hands-on Cybersecurity experience,” said Gili Raanan, Partner at Cyberstarts and Sequoia Capital. “The Cyberstarts team is thrilled to partner with Michael, Idan & Pavel, who amazed us with their technology breakthrough to eliminate risk from digital assets management.”
SOURCE Fireblocks
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
The post Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety appeared first on HIPTHER Alerts.
Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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