Israeli cryptocurrency custody startup GK8 has announced a $4 million seed round to provide a patented technology system for sending cryptocurrency transactions without an internet connection.
According to GK8, the firm uses a proprietary cryptographic algorithm to provide a cold wallet solution for its clients while also offering hot wallet functionalities. This solution does not require an inbound network connection, which Gk8 claims will eliminate cyber-attack vulnerabilities.
“GK8 develops a high security custodian wallet solution, using an exciting and unique approach to cold wallet security,” said Eran Tromer, a Zcash founding scientist and member of GK8’s advisory board. “Inspired by high assurance critical infrastructure systems, it uses state-of-the-art cryptographic techniques to minimize the wallet’s attack surface and block the influence of a potential attacker on security-critical components.”
GK8’s custody technology is already used to secure and manage over $1 billion in cryptocurrencies for clients like eToro. The company was founded in July 2018 by the CEO Lior Lamesh and the CTO Shahar Shamai, who previously worked in cybersecurity for the State of Israel.