Digital Currency Security Platform Fireblocks Extends its Umbrella of Security to 20 Exchanges

Digital Currency Security Platform Fireblocks Extends its Umbrella of Security to 20 Exchanges

The platform for securing virtual asset in transit Fireblocks has announced that they will be supporting five more digital currency exchanges. This will make the total number of covered platforms to 20.

The new exchanges they will be supporting are OKCoin, OKEx, Korbit, Bithub, and HitBTC. The platform was providing its umbrella protection to exchanges like Deribit and Huobi Global’s API

The platform allows secure withdrawal, deposit, and rebalance of digital assets between the multiple exchanges. Thus, eliminating the exchanges to sign-in on the various platform. As per the announcement after this release, the market makers, OTCs and prop traders will have a secure unified workflow for the assets across these 20 exchanges.

The Secure transfer environment and Hot Vault system of the platform helps in the secure transactions of the assets without getting them exposed to internal and external threats. Currently, funds are getting stolen directly from the exchanges. With the aforementioned services provided by Frireblocks, they are preventing the phishing attacks that try to get hold of consumers login details and personal information.

CEO of OKCoin Tim Byun has said the service would provide critical protection to the traders across the globe.

Idan Ofrat, the CTO of Fireblocks, has said they are confident about the connectivity layer across various touchpoint. He further added the whole industry would be more secure with their service.

The CTO also said the market needs a firm foundation with the entry of institutional players who can remain accountable for the clients’ fund. They are trying to connect the institutional ecosystem linking more market participants, venues, and endpoints.

The cryptocurrency industry is under constant attack by the hackers, in 2018 alone about $1.7 billion was lost in such kind of attack.

Philip Martin, the CISO of Coinbase, has said with the growth of the industry it is becoming more prone too sophisticated attacks.

The security platform based in New York was founded on 11th June with $16 million funds. The platform received the fund through Series A funding from Tenaya Capital, Swisscom Ventures, Cyber starts, EightRoads (Fidelity INTL) and MState. Some of the prominent customers of the platform also include Galaxy Digital the crypto merchant bank, OTC trading platform Genesis Global Trading.

All the prominent crypto exchanges are depending on a single security platform for their security. Hope FireBlock proves itself to be more secure than those exchanges which have faced security breaches this year.

 

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