The Israeli startup GK8 is in the latest cryptocurrency news for developing the world’s first offline system for transacting cryptocurrencies. The startup got backed with even $4 million by investors – and the new system uses GK8 and its proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without the need for an internet connection.
According to the Israeli news publication Globes and its reports on Septemebr 18, the Israeli startup GK8 managed to raise around $4 million in a funding round which was led by Discount Capital, a venture arm of one of the three largest banks in Israel. Marius Nacht was also part of the funding round, known as the co-founder of the cybersecurity giant Checkpoint. Other investors included the names of EdenBlock, iAngels, IDEAL-HLS, StratX and the Israeli Innovation Authority.
Many best cryptocurrency news sites reported that GK8’s new cryptographic techniques allowed the company to develop a cold wallet with “hot wallet functionalities” which helped it secure user funds from hackers and cyber attacks.
A recent interview with Fortune featured the Israeli startup GK8 and its CEO Lior Lamesh, who told the media outlet that the technology that they are using is “ledger agnostic.” With this, the GK8 CEO hinted that it can be used for Bitcoin (BTC) and other cryptocurrencies. As he said, GK8 is capable of recording transactions on a blockchain in offline mode thanks to an “unidirectional connection.”
The technology backing up the Israeli startup GK8 is impressive. It is now up and running and already being used by the popular digital asset platform eToro.
According to Fortune and its reports, GK8 has succeeded a lot in less than one year. Founded in 2018 by two members of an Israeli special defense unit specializing in guarding the country’s digital assets, the Israeli startup emerged into one of the most impressive new projects in the country.
In related news, the Silicon Valley based crypto intelligence firm CipherTrace reported that cryptocurrency thefts reached more than $1.2 billion in the first quarter of 2019 – which is $500,000 less than what was stolen throughout 2018.
Meanwhile, the latest Bitcoin and altcoin news show that the market has not stabilized yet and that reds are all over the charts as we speak.
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