According to Coindesk's June 10 report, Fireblocks, a platform for protecting digital assets, announced a $16 million Series A round of financing, including investment by Cyberstart, Tenaya Capital (formerly Lehman Brothers Asia Investments Limited) and Fidelity International. Department Eight Roads. This financing will be used for infrastructure construction and attract more companies to pay attention.
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Several influential customers, such as cryptocurrency giant Galaxy Digital and renowned digital trading services company Genesis Global Trading, have switched to Fireblocks to protect the movement of their digital assets in exchanges, counter brokers, hot wallets and cold storage.
After a series of high-profile hacking attacks in the currency circle, Fireblocks founders Michael Shailov and Pavel Berengoltz aimed to eliminate the root causes of digital asset hacking and scams—private key theft, cyber fraud, and certificate disclosure.
Shailov said that because "hackers are skilled, apparently from real professionals and even countries", he and his colleagues at Lacoon Mobile Security (acquired by Check Point in April 2015) repositioned their target customers from "traditional financial infrastructure" Change to encryption infrastructure."
Together with Ran Canetti, a security engineer from Symantec, Trusteer, and IBM, they built a cloud security platform that eliminates the hassle of copying and pasting addresses and enables seamless flow of funds.
Shailov wrote in a statement:
While the blockchain-based assets themselves have encryption security, mobile digital assets are a mess. After interviewing more than 100 institutional clients including hedge funds, broker-dealers, exchanges and banks, we concluded that the current mobile digital asset processing process is long and highly vulnerable to cyber attacks and human error. Impact.
Fireblocks can easily convert digital assets from any storage state and use chip-level network security and MPC (Secure Multi-Party Computing) technology for instant settlement and transfer on the blockchain. The platform also allows the use of multiple layers of security systems, including passwords, biometrics and two-factor identification that have become industry standards.
However, Fireblock is different in that the client account side can achieve programmatic control. The platform allows for authorization and access to some permissions between users who use the service to control traffic in terms of transaction time and quantity. This means that when setting different permissions for different scenarios, different types of employees in financial institutions, from traders to operations managers, can access digital funds.
At the moment, speed and security are the same. Shailov believes that the new use of blockchain cannot depend on service gaps. Investors need assets that are available, interactive, and transferable.
Whether it is produced in a blockchain or a certified asset or securities, encrypted assets need to move, trade and sell quickly within a reasonable amount of time. Locking cryptographic assets in cold storage like traditional custodians is completely contrary to the way in which investment companies handle cryptographic assets.
According to Shailov, last quarter, Fireblocks released its products and has overseen the transfer of hundreds of millions of dollars worth of digital assets. The technology itself can be used in any financial use case in the blockchain.
The company integrates with 15 digital asset exchanges and supports more than 180 cryptocurrencies, tokens and stable currencies. Shailov added that he hopes that when small and large businesses are using digital assets as a payment method, they can build infrastructure for them.