As fears mount in the wake of cybersecurity breaches that could pose a threat to virtual currency exchanges, we see a former US Special Agent, taking over as the security head of a British blockchain firm. The firm, rather self-explanatorily named Blockchain Ltd. has hired George Sax, who worked as a senior employee of the American Secret Service, to serve as its global head of security.
Accustomed to overseeing security arrangement for Presidents, delegates, and dignitaries, Sax appears more than simply qualified for the job.
Sax had been responsible for security during the US presidential campaigns of 2016 and has ample experience of having worked in the Office of Investigations under the Secret Service. The blockchain firm decided to enlist his services after a series of security concerns rocked the crypto world. In January 2018, CoinCheck Inc. reported
hacking and theft and the last month saw Coinrail, a South Korean exchange, report a breach of cybersecurity as well.
Peter Smith, the CEO, and co-founder of Blockchain Ltd. said that they were anxious about being targeted as potential victims of cybercrimes and that is why they had appointed Sax to deal with the concerns. The company had been started back in 2011 and has raised $70 million worth of equity capital since then. Recently, it has also launched a platform for institutional investors and its security concerns are particularly relevant in that context. Investors have repeatedly emphasized on the need for security of crypto-assets above all other concerns and the appointment of Sax will hopefully alleviate all these anxieties.
Sax himself stated that he was looking forward to working with the firm to further bolster its already-strong security system so that users across the world can be provided a safe and secure experience in use of blockchain-powered cryptocurrency. Indeed, in today’s day and age, the need to ensure safe custody has trumped all other requirements for running a successful crypto business.
It is hoped that Sax and similar security appointees will be able to play a decisive role in restoring the faith dividend in the world of virtual currency.