A partnership with Cashlink simplifies the process via which investors pump cash into startups, using distributed ledger technology or DLT.
The venture capital arm of German marketplace Deutsche Börse has sealed a new partnership for allowing institutional investors to obtain digital securities.
Deutsche Börse pushes regulated digital securities
In a press release on Oct. 30, Deutsche Börse Venture Network (DBVN) confirmed the deal with local fintech company Cashlink, the benefits of which will be available immediately.
From now on, investors with DBVN will be able to complete the funding process entirely digitally using tools based on so-called distributed ledger technology, or DLT.
The digital securities will automatically have the same regulation guarantee as Deutsche Börse’s regular offerings.
“With this new offering from our partner, we are able to simplify the process of raising capital for startups on our network, and all within an existing regulatory framework,” DBVN director Peter Fricke commented in the press release.
Fricke added the company would be depending on its working relationship with Cashlink, which has operated out of Frankfurt since 2016.
Germany continues blockchain innovation
Last week, Deutsche Börse completed a trial of tokenized securities settlement with German banking institution Commerzbank.
“Digital securities are used for various purposes, for example as an alternative to regular venture financing, as digital employee shares ownership, as a digital representation of venture funds or for funding for non-European investors,” Michael Duttlinger, CEO of Cashlink, added.
Virtual private networks (VPNs) can be useful for all kinds of things, from streaming foreign sports to protecting your identity from heightened online surveillance. For cryptocurrency users, VPNs are particularly precious, providing access to exchanges that are geo-restricted, and enabling crypto activities to be completed on the web without leaving a privacy-betraying footprint.
Virtual private networks can be traced back to 1996 when a Microsoft staffer conceived a peer-to-peer tunneling protocol (PPTP). In many ways, the protocol functioned as a precursor to the VPNs we see today, providing a private, secure connection between a computer and the world wide web, as it was then known.
The advantages of having a permanently encrypted conduit to the web are manifold. Think about how often you unwittingly connect to insecure public wifi, for example, with everything from credit card numbers and social media log-ins vulnerable to theft. A VPN, which lets you connect to a remote server while masking your true location, provides peace of mind by safeguarding data from third-party interception. Virtual private networks also block persistent IP tracking, which is trickier to prevent than insidious third-party tracking e.g. from Google.
The Quest to Decentralize the VPN
VPNs can mitigate the worst data intrusions of centralized agencies (be it tech giants or governments), but they themselves are vulnerable to flaws inherent to centralization. This month, it emerged that popular provider NordVPN suffered a data breach in 2018 when a Finnish server in a rented data center was compromised. Although the company has asserted that no usernames or passwords were intercepted, the fiasco proves that VPNs are not invulnerable to the very attacks they endeavor to protect their users against.
Web3 architects intent on decentralizing all the things have naturally turned their attention to VPNs, where they see the potential to create more robust systems that aren’t vulnerable to the whims of central bodies acting unilaterally, be it hackers or law enforcement. Decentralized VPNs – dVPNs – work by apportioning a percentage of users’ upload bandwidth to carrying traffic for other users on the network. Although still very much in their infancy, dVPNS have the potential to obfuscate your crypto transactions and communications while eliminating the need for a central authority.
One such project is Tachyon. As well as hiding your location, the protocol simulates HTTPS and SMTP, meaning it conceals the sites you browse, fooling others into thinking you’re visiting Youtube and Gmail respectively. Users’ requests are distributed through multiple different nodes with encryption, thereby overcoming the security vulnerabilities and inefficiencies of TCP/IP.
Another proposal, developed as part of the Web3 movement, is VPN⁰, a decentralized network built around a Distributed Hash Table (DHT), atop which sit several privacy-protecting mechanisms. What makes the network particularly unique is that it permits relay nodes to control which traffic they wish to transmit – without specifically learning what the content contains. This feat is achieved through the application of zero-knowledge proofs, a cryptographic technique in which the prover can validate to the verifier that a statement is true, without actually disclosing any information other than the validity of the statement. Developed by a trio of Brave browser security researchers, VPN⁰ awaits further development and funding.
Why Cryptocurrency Users Should Consider a VPN
While everyday internet users are becoming more assertive with their privacy, motivated by widespread coverage of mass data collection and government snooping, bitcoiners have an even greater need for digital discretion. The cryptosphere, after all, has fallen prey to opportunistic hackers, with spear phishing and SIM-swapping just two examples of security breaches that have left traders out of pocket. A VPN is not a cloak of invisibility, granting its wearer carte blanche to evade or commit cyber crime with impunity, but it does heighten your security in a number of meaningful ways.
By encrypting your data when you trade, a VPN makes it more difficult for hackers to eavesdrop. Because VPNs conceal your IP address and prevent persistent IP tracking, your device’s location will not become connected to your wallet address. What’s more, using a remote server to mask your true location more effectively prevents targeted viruses and malware than many expensive software packages designed expressly for this purpose.
Of course, the advantages of VPN use extend beyond bolstering security. They can also widen your options by unblocking geo-blocked websites such as exchanges forbidden in your homeland. By granting unfettered access to otherwise verboten foreign portals, these networks can dramatically improve your trading experience. They can also prove a lifesaver, should your government suddenly censor access to an exchange in which you hold currency, for example.
How to Choose the Right VPN for Your Needs
There are many VPNs to choose from, some free, some paid, and all with pros as well as cons.
Firstly, make sure you pick a VPN that does not store user logs, which could conceivably be handed over to third parties. Some VPN providers insist that this information is mandatory to guarantee optimal service, but in reality, they often sell your data to advertisers. Needless to say, this runs contrary to the very purpose of using a VPN in the first place. In any case, you certainly don’t want time-stamped details of your VPN sessions – as well as sites visited and files downloaded – falling into the wrong hands.
Once you’ve sourced a provider with a definitive zero-log policy, you should think about connection speed, the number of servers in different countries (prioritizing those with multiple severs in privacy-friendly nations), the level of encryption offered, traffic-restriction policies and customer support. It might also be smart to select a VPN that accepts payment in cryptocurrency, which can further enhance your privacy.
Practise Safe Browsing
Privacy absolutists are eagerly awaiting the day when decentralized VPNs become production ready, citing a distrust of centralized gateways’ privacy policies and questions surrounding network stability.
In the meantime, VPNs go a long way to ensuring safety and privacy in our hyper-connected world – and this applies to regular web users as well as those of us in the habit of transacting digital currency. Before you step out into the big bad web, take a moment to clad yourself in a VPN.
Do you think using a VPN provides added security when browsing the web? Let us know in the comments section below.
Images courtesy of Shutterstock.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
The balance of power under current financial systems does not benefit ordinary people, but blockchain tech looks set to change this forever.
Blockchain’s potential to disrupt the financial landscape is evident. Even at this early point in the technology’s development, established institutions — including banks and governments — have been quick to note this potential for disruption, and equally quick to attempt to limit its impact.
However, despite the obvious utility, and many current and fascinating applications of blockchain — from improving supply chain traceability to collecting adorable digital cats — the true potential of this incredible technology is often overlooked: the ability to upend existing power structures by undermining centralization. Ultimately, blockchain and cryptocurrencies look increasingly likely to bring about a shift in the balance and locus of power, moving it away from centralized entities like those aforementioned banks and governments and toward the people, fundamentally changing who wields power and what is done with it.
The current centralized financial system functions in a way that does not directly benefit ordinary people. That is, those who actually use it to transact with their financial assets and data on a daily basis.
On the contrary, having to rely on third parties to manage their finances means relinquishing the power to independently conduct transactions and transfers. Stripping individuals of the authority to manage their finances and entrusting a single entity with this power has a number of negative consequences. These include the increased likelihood for hacks, potential delays in making transfers from one account to another, diminished oversight over personal funds, and spiralling interest rates on the storage of assets.
These are far from isolated cases. The current financial system has failed the world’s population time and time again. Yet, little has been done to remove power from these centralized entities. Indeed, the trend has been moving in the opposite direction, further disempowering the vast majority of individuals.
With the advent of cryptocurrencies, a viable option to challenge this control and associated power has finally emerged, offering a level of self-sovereignty and security not found in the current financial system. A new financial system built with blockchain would not be controlled by a central entity, but instead would place power back in the hands of the people.
At a time when traditional financial systems are often embroiled in crises, cryptocurrencies offer a new way to understand and store value — allowing people to reestablish control over their assets. Throughout the period of hyperinflation in Venezuela, for example, rates of cryptocurrency usage have been on the rise. This demonstrates quite clearly that people in dire straits are looking to these emerging technologies as a means to regain control, allowing them to survive in a country where the fiat currency is no longer valuable.
The distributed, decentralized nature of blockchain produces the first level of security. Decentralization not only provides people with greater control of their financial assets, but also improves the security of those assets. Cryptocurrencies are based on a distributed ledger technology known as blockchain. They are therefore more secure than fiat currency in a number of significant ways.
The second level of security lies in the cryptography that’s employed to create an entry into the ledger, from which “cryptocurrencies” derive their name. These inherent technological security features mean that the issues that have plagued centralized financial systems do not and cannot impact blockchain-based alternatives in the same manner.
As such, a move from centralized to decentralized finance can have numerous ramifications for the general population, greatly altering the way people interact with their finances — especially in how much they trust in its security. When considering the different features of these two financial systems — the traditional and its decentralized alternative — it becomes clear that moving toward a decentralized system would engender a transfer of power to the people.
On a concrete, individual level, this shift in power can take simple forms, from enabling increased control of and access to financial assets to permitting access to funds from anywhere in the world and facilitating the global transfer of funds with minimal cost.
On a larger, societal scale, using cryptocurrencies can help to avoid issues such as inflation in local fiat currencies, as seen in the case of Venezuela. Moreover, the variety of cryptocurrencies on offer give people the power to choose which features they would like to prioritize — whether that be speed, cost, the rate of transactions, or increased security and transparency.
The current global financial system wields immense power, which makes the repeated pitfalls of that system all the more egregious. It’s no surprise, then, that the people are ready for change. It’s essential that we break down barriers to the adoption of blockchain technology, providing people with direct access to services and platforms that will change their lives. This is indeed the next great challenge facing this incredible technology, and one that a number of projects are working hard to overcome.
One should never underestimate the ability of innovation and imagination to change the world. From the invention of the automobile, which made it possible for people to traverse vast distances in times previously thought impossible, to the creation and proliferation of the internet, which provided anyone with a computer with access to all the world’s information and means by which to publish their own thoughts and ideas, imagination and ingenuity has propelled humanity ever forward, prompting us to be more curious, to learn more, to grow together. These changes can be frightening, since we become accustomed to the status quo. But truly, what is the danger in allowing individuals more freedom and agency over how their financial presence takes shape? Individuals on the ground are better suited to making such decisions than centralized institutions. Money is power, as the saying goes. So too is the control of money.
The time has come for that power to be returned to the people.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Tomer Afek is the CEO and co-founder of Spacemesh, a fair and distributed blockmesh operating system powered by a unique proof-of-space-time consensus protocol. A serial entrepreneur, Tomer has more than 20 years of experience across the tech, digital and finance industries, having co-founded and held C-level roles with ShowBox, ConvertMedia and Sanctum Inc. With Spacemesh, Tomer is on a mission to build the fairest possible decentralized economic infrastructure.
As institutional investors move toward crypto, tight security is necessary.
Facebook recently made its entry into the world of institutional blockchain and cryptocurrency with the announcement of Libra. It garnered so much attention that lawmakers in the United States are holding hearings to review the project. Walmart has been flirting with crypto and blockchain for years. At the time of writing, the top crypto exchange handles a volume of around $50 billion, and Bitcoin (BTC) is holding steady around $8,000.
This is clearly a new “mainstreaming” of crypto to the masses, but a growing number of major banks, hedge funds and family offices are also turning to digital assets to build out their traditional investment portfolios.
Academic endowments — including the Harvard Management Company (the largest in the world), the University of Michigan, MIT and others — are diversifying their holdings with cryptocurrency. In February, JPMorgan Chase launched its own JPM Coin. While its token is in the prototype phase and is being tested solely with JPMorgan institutional investment clients, it is the first U.S. bank to create a digital version of fiat currency.
According to a Fidelity survey in May, 47% of institutional investors have an “overwhelmingly favorable” opinion of digital assets. The firm surveyed hundreds of institutional investors including pensions, hedge funds and endowments. The Fidelity study showed that “institutional investors are finding appeal in digital assets and many are looking to invest more in digital assets over the next five years,” but institutional investment into cryptocurrency can be tricky — especially when it comes to security.
Proper custody of digital assets isn’t as easy as locking up gold or paper currency in a bank vault. Since cryptocurrencies like Bitcoin and Ether (ETH) exist completely digitally on a blockchain, and are by nature maintained in a decentralized environment, they present an enticing target for hackers. Moreover, institutions dealing with public and private keys (more on that later) on such a large scale isn’t easy. Secure storage of large digital asset funds is complex, and institutions need safe, comprehensive and integrated storage solutions.
Industry reports have shown that some $1.7 billion in cryptocurrency was stolen in 2018. The threat landscape faced by investors is similar to those facing security professionals in all tech spaces and will only become broader as the industry grows. From social engineering to traditional cyberattack methods like site clones, phishing and SMS hacks to basic hardware tampering, there are many entry points in this new frontier.
Tight security is crucial to anyone involved with digital assets, whether you’re dabbling in altcoins or an insitutitional investor overseeing fortunes in Bitcoin. In the cryptocurrency world, there are several ways to store your holdings, but they all generally involve some form of wallet. Basically, a “crypto wallet” is a device on which your private keys are stored. Your private keys are a critical piece of information used to authorize spending and selling crypto on the blockchain. The wallets in which you hold them can be physical devices, software- or solution- based, or simply the online exchange from which you’ve purchased your currency.
Of these wallets, there are two forms: hot and cold. The distinction between the two of these is that hot wallets are connected to the internet while cold wallets are not. Leaving your crypto on an exchange is an example of hot wallet storage. Naturally, cold wallets are considered safer than hot wallets, as they spend little (or no) time connected to the internet.
Hardware wallets of the cold variety are generally considered the best and safest option for storing cryptocurrency. These are typically in USB format and can be temporarily “hot” in that they can be connected to the internet to facilitate a crypto exchange, but primarily remain offline and disconnected with assets fully isolated and inaccessible to hackers.
While USB-based hardware wallets are undeniably the best way for individuals holding cryptocurrency to protect their investment, they’re not practically viable for enterprises handling millions of dollars’ worth of crypto. In the early stages of institutional investing, asset managers would find themselves securing massive amounts of wealth on hardware wallets with no convenient and efficient way to implement a meaningful segregation of duty. The financial industry needs custody solutions that are more holistic in their approach, combining both hot and cold approaches, and encompassing both hardware and software technology solutions.
The most secure way to manage crypto assets is through an end-to-end, multi-authorization governance infrastructure. Secure storage of large digital asset funds is complex, and exchanges and institutions need safe, comprehensive and integrated solutions. An effective approach employs a multi-authorization, self-custody system of management and gives financial institutions security, control and speed of execution. A reliable governance framework provides instant access to funds without compromising security whether data is at rest or in transit.
Effective cryptocurrency custody solutions should ensure there are no single points of failure within an organization. Think about the QuadrigaCX case in which $163 million disappeared. While that’s now developing into a matter of extreme fraudulence and one bad actor, it showed — on a tremendous scale — the danger that lies in trusting single points of failure.
For the cryptocurrency industry to truly mature, institutional investors are going to have to get involved. Exchanges, brokers, asset managers, over-the-count traders, custodians and others must enforce institutional-grade controls on all transactions. It’s the only way to bring about a new era of stability and trust to this new era of digital asset management.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Demetrios Skalkotos is the global head of Ledger Vault. Skalkotos has more than 15 years of experience in financial services and is leading Ledger into the new frontier of digital asset institutional investment and the novel security methods pushing it forward. Ledger, the world’s leading cryptocurrency security company, has sold over 1.6 million hawadware wallets to secure investor assets. Harnessing this same technology to create Vault, Ledger handles the intricacies of crypto security for institutional investors, scaled for enterprise-level solutions.
The German Federal Ministry of Finance has expressed concerns about using privacy tokens due to their association with criminal activities and difficulties to track them down.
The German Federal Ministry of Finance has expressed concerns about rising use of privacy tokens due to their association with criminal activities and difficulties in tracking them.
Published on Oct. 19, the ministry’s “First Money Laundering and Terrorist Financing National Risk Assessment” for 2018-2019 provided analysis aimed at the identification of existing and future risks in the field of anti-money laundering (AML) and terrorism financing (TF) in Germany. Among other challenges, the report examines circulation of cryptocurrencies in the darknet for criminal purposes.
Pseudo-anonymous vs. anonymous tokens
The report marks a distinction between pseudo-anonymous and anonymous tokens, noting that pseudonymity allows the analysis of transactions in public blockchains and the evaluation of suspicious movements, while fully anonymous tokens like Monero (XMR) and Zcash (ZEC) enable transactions to remain untraceable and are thus vulnerable to involvement in illegal activities.
In this regard, the Ministry urges oversight of anonymous cryptocurrencies in the future. Although the market capitalization of such coins is still relatively low, the report notes, they are gaining popularity and acceptance in the darknet and eventually may become a real alternative to Bitcoin (BTC).
Risks associated with stablecoins and cash
According to the report, use of crypto assets in TF is currently low. There is evidence of use of crypto assets in the fields of right-wing extremism and Islamism, however, there is no reliable evidence that cryptocurrencies have been used to a greater extent for TF.
Cryptocurrency volatility reportedly prevents its usage as a means of payment to some extent. However, stablecoins — which are pegged to an asset or fiat currency — can ensure stability of value, and thus could lead to an increase in laundering and TF risks, per the report. The report further reads:
“The use of cash, in contrast to the use of pseudonymous crypto assets, leaves no traceable footprint and is easy to handle, so it can be assumed that, for example, the transfer of funds in the field of terrorism financing alongside hawala and money transfer service providers currently continues mainly via cash couriers.”
On Oct. 21, the United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco said that fintech firms offering cryptocurrency users anonymity must comply with AML laws “just like everyone else.”
New York-based crypto custody startup Casa has released a new security protocol and service focused on helping people address the question of Bitcoin inheritance.
New York-based crypto custody startup Casa has released a new security protocol and service focused on helping people address the question of Bitcoin (BTC) inheritance.
The new offering, dubbed “Casa Covenant,” was revealed in an official blog post on Oct. 21.
“What happens to my Bitcoin when I die?”
Casa approaches the question of Bitcoin inheritance by highlighting three common positions users take currently: either not thinking about the issue at all, choosing to entrust their private key data with a close family member or friend, or using a third-party custodian to manage the process.
All three carry evident risks — the latter two in terms of security, theft and trust, while the former leaves open the possibility that the Bitcoin will become forever irretrievable.
Casa argues that even social recovery schemes are vulnerable to small errors that could place people’s inheritance at risk.
Its new solution thus aims to offer both a technical and service-based approach to inheritance, in compliance with the existing estate planning and legal system in the United States.
“The best path is for an estate attorney to protect a single client key in your multisig setup in the form of a hardware wallet, along with all the other documents needed for proper inheritance.”
On the technical front, a specialized protocol has been designed with multi-sig technology, which includes the addition of an optional 6th key to Casa’s existing “3-of-5 Key Shield” setup.
In addition, the firm is launching a service that includes access to a specialized estate lawyer, set-up assistance and ongoing support and education for holders and inheritors about the security and custody options available to them.
Casa notes the somewhat thorny nature of inheritance for a community that prizes disintermediation and autonomy so highly:
“While we don’t like trusted third parties in Bitcoin, we must trust third parties (even our family members are third parties) if we aren’t around to execute our requests.”
Nonetheless, it is only by carefully defining a technical, legal and security process that includes yet minimizes some degree of trust can the issue begin to be solved, the firm argues.
As previously reported, a high-profile alleged death was at the heart of the controversy surrounding the now-defunct Canadian cryptocurrency exchange QuadrigaCX, which involved the loss of $190 million in cryptocurrency.
Big Four auditor — appointed to monitor the proceedings in a QuadrigaCX creditor protection case — then went on to lose 103 Bitcoin inadvertently.
Cryptosteel has launched its Cryptosteel Capsule, a physical backup device for the offline storage of Bitcoin private keys, passwords and wallet recovery seeds.
Cryptosteel has launched its Cryptosteel Capsule, a physical backup device for the offline storage of private keys, passwords, and wallet recovery seeds.
The company announced the official launch of the product in a tweet posted on Oct. 21.
Not a hardware wallet
Unlike the hardware wallets that many cryptocurrency HODLers are familiar with, Cryptosteel’s capsule focuses on providing a physical backup for personal, sensitive data — a more durable alternative to storing your private key on a physical piece of paper.
The device is a pocket-sized, stainless steel capsule containing a central column, onto which a user can manually assemble and thread a sequence of discs that are engraved with characters.
While its obvious use-case remains for private key and seed recovery data protection, the firm proposes that it is more broadly compatible with a desire to store sensitive personal data offline in a way that resistant to physical damage such as fire, flooding and electric shocks.
While many hardware wallets resemble more commonplace devices such as pocket-sized USB drives, the capsule’s singular appearance has already provoked a suspicious reaction from authorities in some cases, as cypherpunk Jameson Lopp revealed:
“In hindsight it was a bad idea to pack this private key backup device that is essentially a sealed steel pipe in my carry-on. Not the first time a gift received at a Bitcoin conference has caused me grief at the airport!”
Other community members have responded with some concern about how best to avoid losing or scrambling the miniature engraved tiles when a user wishes to recover their data.
The crypto hardware space
As reported, the market for hardware wallets — still dominated by Trezor, Ledger and KeepKey — nonetheless continues to expand, most recently with BTCC founder Bobby Lee’s launch of a credit card-sized device offering cold storage of Bitcoin (BTC) and fourteen altcoins.
Last year, a new product from Bitfi fielded a PR disaster after testers debunked the company’s claims its wallet was unhackable. The launch had the support of Bitcoin proponent John McAfee, who vigorously defended the wallet until Bitfi admitted it was vulnerable.
Coinbase has meanwhile tackled the question of backup differently to Cryptosteel’s physical offering by launching encrypted cloud storage services for users’ private keys — a solution that has been met with scepticism due to its reliance on online centralized servers.
Slovakian software security firm ESET has uncovered a fake Tor Browser that steals Bitcoin from darknet shoppers.
Major antivirus software supplier ESET has discovered a trojanized Tor Browser designed to steal Bitcoin (BTC) from buyers in the darknet.
Fake browser distributed via 2 websites
Targeting users in Russia, the fake Tor Browser was distributed via two websites and has been stealing crypto from darknet shoppers by swapping the original crypto addresses since 2017, ESET’s editorial division WeLiveSecurity reported Oct. 18.
Created back in 2014, the two fake Tor Browser websites — tor-browser[.]org and torproect[.]org — are mimicking the real website of the anonymous browser, torproject.org.
According to the Slovakian software security firm, these websites display a message that users have an outdated version of Tor Browser even if they have the most up-to-date Tor Browser version, offering to download the fake version containing malware.
Over $40,000 stolen in Bitcoin
According to the firm, the newly discovered malware has been distributed for Windows, while there are no signs that the same websites have distributed Linux, macOS or mobile versions.
After being installed, the malicious Tor Browser automatically swaps users’ crypto addresses to the addresses controlled by criminals.
According to ESET, the total amount of received funds for all three wallets allegedly involved in the campaign accounted for 4.8 Bitcoin so far. One of the reported wallets contains 2.66 BTC at press time with the latest transaction in September 2019.
In addition to Bitcoin, the campaign has also been stealing money by altering QIWI wallets, the firm said.
In early October, ESET flagged another form of malware stealing crypto from users. Called “Casbaneiro” or “Metamorfo,” the banking trojan targets banks and crypto services located in Brazil and Mexico and has allegedly stolen 1.2 BTC to date.
Meanwhile, Tor Browser users have already been warned about potential money losses due to security breaches. In mid-September, Finnish peer-to-peer crypto exchange LocalBitcoins warned Tor users about the risks of using Tor Browser, claiming that Tor Browser exposes them to the risks of having their Bitcoin stolen.
Ledger will provide its asset management system to Estonian cybersecurity-focused crypto exchange Rokkex.
French hardware wallet producer Ledger will provide its asset management system to Estonia-based crypto exchange Rokkex.
Built by Lithuanian cybersecurity and fintech professionals, Rokkex will integrate its trading platform with Ledger’s enterprise wallet management solution Ledger Vault to secure its crypto assets, according to a press release shared with Cointelegraph on Aug. 20.
Lukas Krikstaponis, Rokkex’s co-founder and CEO, said that the platform has successfully tested Ledger’s technology on its platform to date
Demetrios Skalkotos, global head of Ledger Vault, explained:
“Rokkex’s customers expect full transparency and protection from crypto hacks. […] By leveraging Ledger Vault, Rokkex will give investors total control of and instant access to their funds while providing them the peace of mind that their assets are secure, without sacrificing convenience.”
Founded in 2018, Rokkex is a regulated crypto trading platform, reportedly authorized by the Estonian Financial Intelligence Unit to provide crypto wallet and crypto exchange services. Ledger Vault integration comes amid the upcoming Rokkex security token offering, with the presale scheduled for Aug. 26.
According to the press release, Ledger Vault is a multi-authorization governance infrastructure for the management of crypto assets specifically designed for the needs of enterprise and institutional clients such as Rokkex.
As reported, Ledger Vault was first rolled out in May 2018 as a digital asset security tool targeting institutional investors. Ledger subsequently expanded its operations to New York in November 2018, appointing a former Intercontinental Exchange executive as head of global operations.
Recently, Ledger announced that it would be providing its technology to Canadian cryptocurrency broker Voyager Digital.
The Gemini platform, founded by the Winklevoss twins, has hired a new chief security officer with cybersecurity experience.
Gemini, the cryptocurrency exchange and custody founded by the Winklevoss twins, has hired cybersecurity expert David Damato as its new chief security officer (CSO). Damato was previously the CSO of cybersecurity firm Tanium.
Tyler Winklevoss announced the new hire in an official blog post on Aug. 19. According to the blog, Damato previously created and led a cybersecurity team at Tanium that provided security services to government agencies, Fortune 500 firms and numerous banks.
In the announcement, Tyler Winklevoss emphasized that Gemini has always had a security-first mentality, citing its SOC2 Type I examination — a type of audit — and its hardware security key-based solution for account security.
Foray into the Chicago Mercantile Exchange
As previously reported by Cointelegraph, the Chicago Mercantile Exchange (CME Group) added Gemini as a constituent exchange on Aug. 8. According to the CME Group’s announcement, Gemini will be one of four major crypto pricing indices on CME starting Aug. 30.
In June, Gemini opened up offices in Chicago that will serve as an engineering hub to support trading and custody operations. In opening the offices, Gemini reportedly hired former engineers from major United States-based crypto exchange and wallet service Coinbase. Gemini is headquartered in New York and also has offices in Portland, Oregon.
Gemini is the 77th-largest cryptocurrency exchange according to adjusted trade volume, with a 24-hour trade volume of $16.5 million, according to CoinMarketCap.