Cryptocurrency News

Digital Asset Security Firm Receives Funds From Investment Arms Of Fidelity

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The corporation has already received belief from several influential companies in the past. The corporation has been serving them for the secure transmission of their digital assets over the hot and cold wallets, across the exchanges and counter brokerage. Galaxy Digital and Genesis Global Trading are their esteemed client who has already opted for these services.

The founders of the company Michael, Idan, and Pavel felt heartbroken after seeing the hacking attacks on the south Korean exchanges in 2017, had decided to start a blockchain security company. Each one of them has twenty years of experience in the arena of cybersecurity, three of them teamed up to form Fireblocks to provide security to the digital assets of the financial companies.

The digital security platform is built on Ethereum blockchain is powered to provide an additional layer of security to the financial business. The co-creator and chief policymaker of the organization Michael Shailov have told they have redefined the priorities of their customers from old-style economic structure to cryptography to protect their crypto assets from professional hackers.

They have developed the security platform along with the security professionals from IBM, Trusteer, Symantec and Ran Canetti a professor of computer science from Tel Aviv and Boston University. The platform eliminates the need for copy-pasting the address multiple times and ensures the free flow of funds.

Shailov added the digital assets are itself cryptographically encrypted, but the loophole remains in their transfer. He feels that the present process of transmission is slow and susceptible to cyber-attacks.

They have used MPC technology and chip level security for the digital assets that are ready to be transmitted over the blockchain. The Ethereum based security platform stands out from others, in fact, they offer access slots and authorization to the users in terms of time and amount to be transferred.

The company so far has integrated fifteen cryptocurrency exchanges and supports around 180 cryptocurrencies and fiat currencies. In the future, the company is planning to build infrastructure for small and medium scale companies that want to accept cryptocurrency as payment.

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