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Blockchain Security Standards Council Launched to Protect Blockchain Systems
Anchorage Digital, Bastion, Coinbase, Figment, Fireblocks, Halborn, Kraken, OpenZeppelin, Ribbit Capital and Sentinel Global collaborate to combat growing security threats
NEW YORK, July 10, 2024–(COMMERCIAL THREAD)–Blockchain Security Standards Council (BSSC) announced today its formation as a critical initiative to establish and enforce security standards for the blockchain industry. Founding members include Digital anchoring, Bastion, Monetary base, Science fiction, Fire blocks, The Kraken, Ribbit CapitalAND Global Sentinel. Technical auditing company Albornozian AND OpenZeppelin They are also part of the group of founding members.
Only in 2024 more than a hundred Security exploits for the cryptocurrency industry underscore the need for the formation of the BSSC. The BSSC’s initial work to establish related standards and auditing frameworks will help create a baseline level of trust and confidence in various aspects of the blockchain ecosystem at an important time in the industry’s maturation.
“We have a strong belief that even the first steps to align the blockchain industry with fundamental security practices will make a significant difference,” said BSSC Executive Director Greg Kohn. “When we look at many of the highly publicized incidents of the past couple of years, if even some of the basic protections had been in place, the losses could likely have been avoided.”
In addition to its standards efforts, BSSC plans to engage with regulators and policymakers to inform their work and collaborate on ways to better protect consumers while continuing to cultivate innovation in the blockchain ecosystem. BSSC also intends to enlist more member organizations in the coming months. Its goal is to publish its initial standard and launch its associated audit scheme by the end of 2024.
“More than ever, nascent blockchains and protocols need support in terms of secure code and auditing practices,” said Nathan McCauley, CEO and co-founder of Anchorage Digital, “Growth and adoption depend on it, which is why we are joining the BSSC to collaborate as an industry towards a more secure future.”
“Establishing voluntary security standards is a critical component of cryptocurrency’s maturation,” said Nick Percoco, Chief Security Officer at Kraken. “Industry players working together to build a stronger overall ecosystem can only help drive trust in the asset class as a whole. Kraken is proud to play a part in designing these standards that the industry will adhere to.”
“BSSC aims to unlock the potential of cryptocurrency by bringing together industry players to set the standard for security. Built by the ecosystem for the ecosystem, BSSC’s security framework will position the cryptocurrency industry for growth,” said Adrienne Allen, Head of Security Governance, Risk and Compliance, Coinbase.
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“Security standards and best practices will play a key role in building trust and confidence in the blockchain industry. We at Bastion look forward to collaborating with other industry players in the BSSC to make the blockchain ecosystem more secure,” said Riyaz Faizullabhoy, co-founder of Bastion.
“At Halborn, we recognize the critical need for robust security standards to safeguard the integrity of blockchain systems,” said Rob Behnke, co-founder and CEO of Halborn. “The formation of the Blockchain Security Standards Council is a critical step in uniting the industry and combating growing security threats.”
“As security threats evolve alongside industry growth, it is critical that our defenses adapt even more rapidly. Through this collaborative effort, Fireblocks is committed to supporting a new benchmark in security, ensuring that blockchain technology can deliver on its promise with security and resilience,” said Shahar Madar, Vice President, Security & Trust Products, Fireblocks.
“It is crucial that we promote trust in the blockchain industry through a standard security framework, break the perceived stigma, and encourage trust and confidence within the ecosystem. Figment is proud to collaborate as a founding member and support this initiative,” said Figment CISO, Annalea Ilg.
About the Blockchain Security Standards Council
The Blockchain Security Standards Council (BSSC) is a non-profit organization dedicated to improving the security of blockchain systems and the digital assets on them. The BSSC develops security standards and an audit framework to protect the integrity and continued growth of the blockchain ecosystem. For more information about the Council and its initiatives, visit Italian: https://www.blockchainssc.org/.
View original version on businesswire.com: https://www.businesswire.com/news/home/20240710789551/en/
Contacts
For more information, contact
Jessie Hennion
BSSC Public Relations
jhennion@virtualinc.com
781.876.6280