Coming as the latest development in the cryptocurrency startup sector, GK8, an Israel based cybersecurity startup has purportedly developed the world’s 1st offline system for carrying out transactions in digital assets and cryptocurrencies.
It is to be noted that the new system uses aforementioned startup’s proprietary cryptographic techniques which facilitates instant blockchain transactions of digital assets without any need for an internet connection. The development is first reported by Israeli business news publication Globes on 18th September.
Blockchain Venture Capital and Crypto Investors
Interestingly, the cybersecurity startup raised $4 million in a funding round led by Discount Capital. Discount Capital was established in 1992 as a wholly-owned subsidiary of Discount Bank. Furthermore, Discount Capital manages a portfolio estimated at NIS 1.2 billion (around 341.3 Million USD). Other investors purportedly included the Israel Innovation Authority, iAngels, IDEAL-HLS, EdenBlock, and StratX.
Moreover, the cybersecurity startup’s new cryptographic techniques allowed the company to develop a cold wallet with hot wallet functionalities, according to a report by Globes.
It is to be noted that the cybersecurity startup’s technology is up and running. Interestingly, it is already being used by renowned digital asset and cryptocurrency trading platform eToro.
As per the reporting of Fortune, GK8 was founded in 2018 by 2 members of an Israeli special defense unit that specialize in safeguarding the nation’s virtual currencies. As per CipherTrace, which is a Silicon Valley-based crypto intelligence firm, digital asset thefts reached around $1.2 billion in the 1st quarter of 2019. Notably, this number is five hundred thousand dollar less than what was stolen throughout the whole of 2018.