U.K.-based FinTech firm Blockchain Ltd. has appointed former U.S. special agent George Sax as their new Global Head of Security.
For a FinTech firm currently managing over 26 million digital wallets, security remains a paramount priority for Blockchain. As such, the firm has made it a point to hire no less than the U.S. Secret Service’s former senior official George Sax. During his tenure in the federal agency, Sax has led the Secret Service’s Office of Investigations and has been entrusted with a number of complex and high-risk security operations in the nation, including the 2016 presidential election campaign.
As the number of high-profile crypto heists exponentially rise in the last several months, with virtual currency platforms such as the likes of Coincheck, Coinrail, and most recently, Bithumb losing multi-million dollars as a result of major system breaches, the demand for tighter security measures to safeguard digital assets from such threats has also massively increased.
As Sax told Bloomberg in a recent report:
“I’m looking forward to applying my experience at the U.S. Secret Service and the U.S. Treasury to the company’s already robust security program and enable millions across the globe access to this new financial system with confidence.”
With Blockchain’s recently launched platform, it only makes sense to step up its security protocols if the firm were to draw in institutional investors. As it stands, the perceived insufficient protective measures against crypto heists have long been a major set back that has deterred traditional money managers from entering the crypto sphere. Recognizing security as of vital importance particularly to institutional-level investors, several exchanges including Coinbase and Circle have also taken similar initiatives to boost their security.
Among other prominent figures comprising Blockchain’s team include the U.S. Securities and Exchange Commission’s (SEC) erstwhile chairman Arthur Levitt Jr., as well as Barclays Plc’s ex-CEO Antony Peter Jenkins.
Acknowledging the utmost importance of having an adequate security measure in place for the prevention and mitigation of potential threats in the crypto sphere, Blockchain’s Co-founder and CEO Peter Smith stressed that:
“We are one of the top targets in the world for security threats by virtue of our place in the crypto ecosystem… We have to secure our infrastructure, data centers, and our operations. It’s a big job, and George will help us build the next generation of security.”
As Smith further highlighted Sax’s appointment in a press release published July 19:
“George is a recognized security leader with decades of valuable experience protecting the most important people, infrastructure, and systems in the United States. We are proud to welcome him to Blockchain and for him to lead our security efforts as we continue to make crypto safe and easy to use for everyone.”