Offline Crypto Transactions.

Israeli startup that allows offline Crypto transactions to secure $ 4 million

The cybersecurity startup Israel GK8 has reportedly developed the world's first offline system for transacting cryptocurrency.

The new system uses GK8's proprietary cryptographic technique that enables instant blockchain transactions of digital assets without the need for an internet connection, the Israeli business news publication Globes reported on September 18.

The company raised $ 4 million in a funding round led by Discount Capital, a venture branch of one of Israel's three largest banks, Discount Bank, and Marius Nacht, one of the founders of the cybersecurity checkpoint giant. Other investors reported included EdenBlock, iAngels, IDEAL-HLS, StratX and the Israel Innovation Authority.

As reported by Globes, the new cryptographic technique GK8 allows companies to develop cold wallets with "hot wallet functions," securing user funds from hackers and cyber attacks.

Unidirectional connection

In a recent interview with Fortune, GK8 CEO Lior Lamesh described the GK8 technology as "an agnostic book," hinting that it could be used for Bitcoin (BTC) and other cryptocurrencies. According to Lamesh, G8K is able to record transactions on the blockchain in offline mode thanks to "unidirectional connections."

The GK8 technology is active and underway and is already being used by the eToro digital asset trading platform.

Fortune reported that the GK8 was founded in 2018 by two members of the Israeli special defense unit who specialize in protecting the country's digital assets.

According to Silicon Valley-based crypto intelligence company CipherTrace, cryptocurrency theft reached $ 1.2 billion in the first quarter of 2019 - $ 500,000 less than was stolen during 2018.

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