Cryptocurrency custody firm GK8 has recently released its plans to raise funds of $4 million in seeding round to offer a patented framework technology to facilitate cryptocurrency transactions through an offline mode.
GK8 stated that the company is to use a proprietary, algorithm based on cryptography to offer a solution for cold wallet clubbed with the functionality of a hot wallet to its users. The solution doesn’t need an internet connection that steers it clear from the security vulnerability.
According to a report, GK8’s technology eliminates any risks that internet exposed crypto wallets face such as hacks, unexplained losses, attacks all while maintaining every essential feature like transmitting and receiving digital currencies.
The Zcash researcher and GK8’s advisory board member Eran Tromer said,
GK8 develops a high-security custodian wallet solution, using an exciting and unique approach to cold wallet security. Inspired by high assurance critical infrastructure systems, it uses state-of-the-art cryptographic techniques to minimize the wallet’s attack surface and block the influence of a potential attacker on security-critical components.
GK8 has applied for five patents for its work, according to a report. An abstract from patent services linked with Lamesh explains about the technology:
The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface … and a unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.
Lamesh informed that the founders served as cybersecurity specialists for the prime minister till 2012 before starting GK8.
Lamesh also added that founder and co-founder Shahar Shamai started working on GK8’s cold wallet following the findings in security vulnerabilities in some prevalent wallets. The founders were alarmed by the risks that storing the digital assets online could pose.
We tried to think: how can we make a fully operational cold wallet with no internet connection at all. And we ended up doing exactly that,
GK8’s technology of custody is an off the shelf solution that has been previously implemented to secure and handle more than $1 billion worth of digital currency for eToro and many other similar clients. The company had been started in the month of July in 2018 by Lior Lamesh, the CEO and CTO of Shahar Shamai. He has worked with cybersecurity organization of State of Israel.