Cape Canaveral, FL, June 30, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) Biteeu today announced the successful launch of its digital security infrastructure in space aboard a SpaceX Falcon 9 rocket as part of the ride-sharing program. The space node, created for Biteeu by the provider of Space-as-a-Service solutions and partner SpaceChain, is installed on a YAM-2 satellite carried by the rocket. The mission was made possible by the satellite operator Loft Orbital.
This makes Biteeu the first cryptocurrency exchange in the world that uses the high security of a space-compatible infrastructure for ultra-secure Bitcoin cryptocurrency transactions and has its public satellite key secured on a space node.
Biteeu has received ISO 27001 certification, which confirms that the exchange meets global best practices for its information security management system. Today’s announcement reaffirms the exchange’s commitment to ensuring user privacy with cutting-edge technology.
Once activated, the space node is able to process Bitcoin transactions with multiple signatures. Multi-signature technology requires more than a private key to authorize a Bitcoin transaction from a crypto wallet address, which makes the transaction more secure than standard single signature methods.
Various security mechanisms of the Biteeu space node, including latency in communication between ground stations and satellites of up to 12 hours, prevent cyber fraud and theft because hackers cannot quickly remove digital assets.
The added remoteness in space, along with the offline end-to-end encrypted satellite communication and the public key stored on the satellite, greatly increases the security of data and transactions, which can be vulnerable to cyberattacks and hacking if they are only physical Earth-based servers are hosted.
“As digital currency becomes a driver in the new age of global commerce, we see limitations on land-based infrastructure with growing security concerns preventing users from taking full advantage of cryptocurrencies,” said Shukhrat Ibragimov, co-founder and chairman of Biteeueu. “By integrating innovative, decentralized space-based technology, we are able to close security gaps and continuously build the trust of institutional and private traders in the management of their funds with the best trading experience.”
The hardware and software tests are expected to be completed by November 2021. Upon completion, Biteeu users can authorize Bitcoin multi-signature transactions in space via the multi-signature wallet.
The migration of satellite network architecture in orbit is designed to strengthen Biteeu as one of the most secure virtual wallets in the world, where user privacy and security is of the utmost importance. Biteeu is operated and managed by Eurasian Space Ventures (ESV), a private company registered in Kazakhstan that aims to serve as an international hub for space projects and related organizations looking to benefit from the country’s well-established space infrastructure and ecosystem.
ESV and SpaceChain have signed a Memorandum of Understanding (MOU) for ongoing cooperation and development of joint projects in the field of space technologies over a period of two years.
“The establishment of Biteeu’s multi-signature transaction in space reflects our ongoing efforts to maintain the highest level of data protection for our users and to raise the level of security standards in the cryptocurrency market,” said Talgat Dossanov, Co-Founder and CEO of Biteeu. “We are at the forefront of this financial innovation and we look forward to providing our global users with a more secure, robust platform that can be accessed from virtually anywhere.”
Users who log into Biteeu with a promo code spacebiteeu2021 receive a certificate with a serial number confirming that their names and cryptocurrency wallets have been added to the space project and safely sent to the Biteeu space node in orbit.
Additional resources to download:
Biteeu is a fully licensed and compliant commodity backed digital asset exchange in the European Union and Australia. It aims to close the gap between popular cryptocurrencies and traditional commodities such as gold or cobalt. Biteeu intends to provide the global crypto community with a safe, innovative and reliable trading platform. More information is available at www.biteeu.com