Israeli cybersecurity startup GK8 has purportedly built the world’s first offline framework for transacting digital currencies.
The new framework utilizes GK8’s propriety cryptographic methods that allow instant blockchain exchanges of cryptocurrencies with no requirement for an internet connection, Israeli business news publication Globes reported on September 18.
The firm secured $4 million up in a funding round led by Discount Capital, a venture arm of one of Israel’s three biggest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity mogul Checkpoint. Other investors purportedly included EdenBlock, StratX, IDEAL-HLS, iAngels, and the Israel Innovation Authority.
As announced by Globes, GK8’s new cryptographic strategies enabled the organization to build up a cold wallet with “hot wallet functionalities,” protecting user funds from cyberattacks and hackers.
In an interview with Fortune, GK8 CEO Lior Lamesh depicted GK8’s innovation as “ledger agnostic,” indicating that it very well may be utilized for Bitcoin (BTC) and different digital currencies. Lamesh said that G8K is equipped for recording transactions on a blockchain in offline mode because of “unidirectional connection.”
GK8’s innovation is ready for action and is already being utilized by crypto trading platform eToro.
Fortune reports that GK8 was established in 2018 by two individuals from an Israeli special defense unit that specializes in guarding the nation’s digital assets.
As indicated by Silicon Valley-based crypto intelligence company CipherTrace, digital money robberies came to $1.2 billion in the first quarter of 2019 — $500,000 less than what was taken all through the entire of 2018.