Blockchain

Fireblocks raises $16 million to securely transition digital assets to blockchain

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Digital asset theft is on the rise, enabled at least in part by poorly secured credentials and APIs. Over $3 billion in assets were stolen by hackers in the past 18 months alone, and recently, cryptocurrency exchange Binance lost $40 million in bitcoin as the result of an insecure virtual wallet. Furthermore, cyber security firm CipherTrace reported recently that cryptocurrencies stolen from exchanges and scammed from investors surged more than 400% in 2018 to around $1.7 billion.

Fortunately, Michael Shaulov and Pavel Berengoltz — whose Israel-based mobile security company Lacoon Mobile Security was snatched up by Check Point for a reported $100 million in 2015 — along with former vice president of R&D at C4 Security Idan Ofrat are on a mission to solve the problem once and for all. Their new venture, Fireblocks, is developing a secure platform that expedites digital asset operations for financial institutions, and today it emerged from stealth with $16 million in series A funding from Cyberstarts, with additional contributions from Tenaya Capital, EightRoads, Swisscom Ventures, and MState.

“While blockchain-based assets by themselves are cryptographically secure, moving digital assets is a nightmare. After interviewing over 100 institutional customers, including hedge funds, broker-dealers, exchanges, and banks, we concluded that the current process is slow and highly susceptible to cyber attacks and human errors,” said Shaulov. “We built a platform that secures the process and simplifies the movement of funds into one or two steps.”

The tool suite, speaking of, leverages “chip-level” security and secure multi-party computation (MPC) technology to securely transfer assets across exchanges and wallets and keep them readily available. Fireblocks’ secure environment works with hot vaults — tradeable wallets — to enable digital assets to be transitioned from virtually any storage solution for settlement and transfer to the blockchain.

“Securing blockchain-based assets is one of the key challenges in modern cybersecurity warfare, and it requires heterogeneous expertise in mathematics, system level programming and years of hands-on cybersecurity experience,” said Sequoia Capital and Cyberstarts partner Gili Raanan. “The Cyberstarts team is thrilled to partner with Michael, Idan, and Pavel, who amazed us with their technology breakthrough to eliminate risk from digital assets management.”

New York-based Fireblocks’ team counts among its members security engineers from Symantec, Trusteer, and IBM Security, according to Shaulov.

“Moving digital assets 24/7, across the globe, uninterrupted, while meeting all enterprise security requirements is industry changing,” said Galaxy Digital CISO Ivan Brightly, an early Fireblocks client. “For digital asset trading operators, the Fireblocks platform provides a robust security system for digital assets, whether stored or in transit.”

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Ethereum

Ethereum-Based Decentralized Video Streaming Startup Livepeer Raises $8M

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Ethereum (ETH)-based decentralized video streaming startup Livepeer announced that it raised $8 million from institutional investors in its Series A funding round in a Medium post published on June 17.

Per the announcement, the startup will use the newly acquired resources to support the further development of the Livepeer protocol, network, software and ecosystem to further adoption. The round was reportedly led by venture capital firm Northzone, which was also one of the first investors in Spotify.

Other participants in the round purportedly include Digital Currency Group, Libertus, Collaborative Fund, Notation Capital, Compound, North Island, Coinfund, Haivision and StakeZero. Furthermore, according to the post David Mendels, the former CEO of online video platform Brightcove, has also joined the company in an active advisor role.

The company also claims that, since Livepeer has been first launched on Ethereum’s mainnet, thousands of users participated in securing the network and over…



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Altcoin

IOTA Price Analysis: Bearish Trend Seems to Completely Encircle IOTA (MIOTA)

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There are no positive vibes expected for IOTA yet. Already, there are so many altcoins which are continuously losing their worth day after day to the erratic and turbulent BTC. The recent growth of BTC and other cryptocurrencies has not really affected the growth of altcoins like IOTA. Despite bringing new updates, IOTA is still not able to hold up its value and is continuously plunging down at a steady pace. This is really ruffling, so far its sustenance in this turmoil market is concerned.

Current statistics from IOTA Chart:

  • Price in USD: 0.4325 USD
  • Price in BTC: 0.00004729 BTC (05:37 UTC)
  • Circulating supply: 2,779,530,283 MIOTA
  • Market rank: 16
  • Market cap: 1,203,149,464 USD

IOTA to USD Price Predictions:

IOTA Price Chart -...
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Blockchain

Blockchain Experts Slam Facebook’s Libra Cryptocurrency

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By CCN Markets: A lot has already been said about Facebook’s Libra cryptocurrency and its ambition to disrupt the finance world. But what about the blockchain technology that powers it? 

Blockchain experts have poured over the technical documents and played with the Libra protocol testnet. Suffice to say, they’re not convinced about Libra’s claims.

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Scams

Five Korean Crypto Exchanges Revise Their Terms of Service

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Five South Korean-based cryptocurrency exchanges have opted to revise their terms of service in favor of their users as requested by the country’s Fair Trade Commission more than a year ago. In the recent revisions, the five exchanges will now take liability for any losses resulting from exchange hacks even in the cases where it is not proved to be a failure of their systems.

The news was shared by the local news media, the Yonhap News Agency on Monday, June 17th stating that:

“Five cryptocurrency exchanges have changed their terms of service in a way that they can be liable for problems caused by potential cyber-attacks or system malfunctions, even if operators are not…



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Altcoin

Litecoin [LTC] Foundation Partners with Bibox and Ternio to Offer a Physical Debit Card

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Litecoin Foundation, the non-profit foundation behind one of the leading altcoins by market capitalization Litecoin has partnered with Bibox Exchange as Ternio, a blockchain company to enable cryptocurrency payments through Ternio’s debit card. Ternio already provides its users a debit card called The BlockCard, which is a physical debit card.

This partnership will see the three entities launch a special edition BlockCard that will only be available for spending Litecoin [LTC], Bibox’s and Ternio’s native cryptocurrencies BIX and TERN tokens respectively.

“The soon to be released debit card will enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted,” a notification by the Litecoin Foundation states.

According to the notification, the special edition BlockCard will be integrated into the Bibox Exchange as well as the…



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Altcoin

Monero Market Capitalization Reaches $1.66 Billion (XMR)

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Monero (CURRENCY:XMR) traded 1% lower against the US dollar during the 24 hour period ending at 21:00 PM E.T. on June 18th. During the last seven days, Monero has traded 11.8% higher against the US dollar. Monero has a market capitalization of $1.66 billion and $217.76 million worth of Monero was traded on exchanges in the last day. One Monero coin can now be bought for $97.61 or 0.01064667 BTC on major exchanges including Coindeal, Exmo, Waves Decentralized Exchange and BTC-Alpha.

Here is how similar cryptocurrencies have performed during the last day:

  • Bytecoin (BCN) traded down 6.5% against the dollar and now trades at $0.0010 or 0.00000011 BTC.
  • Aeon (AEON) traded 7.6% higher against the dollar and now trades at $1.01 or 0.00010993 BTC.
  • DigitalNote (XDN) traded down 4.6% against the dollar and now trades at $0.0017 or…


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