An Israel based firm put together by two former security experts from the government cyber-attack unit managed to hold a successful fundraising event that ended with them getting $4m.
As reported on a local news outlet, GK8 closed its fundraising round with $4 million after luring in several firms. Funds raised will go into the development of the first offline platform that facilitates crypto transactions offline.
Per contents of the release, GK8 seed fundraiser attracted Marius Nacht, Checkpoint co-founder, had a venture firm created by one of Israel’s largest financial institution Discount Bank and other firms. The other participants in the fundraising were Israel Innovation Authority, EdenBlock, StratX, iAngels, and lastly IDEAL-HLS.
How GK8 Works
To successfully secure all crypto transactions, GK8 has fronted an end-to-end encrypted blockchain solution, cold wallet. Making this cold wallet stand out is its hot wallet properties. The latter enabled GK8 to develop the first platform, which facilities crypto transactions without the need of an internet connection. However, to successfully achieve its goal, GK8 is leveraging cryptographic technology techniques to ensure the said transactions do not need an internet connection.
Banking on the cryptographic techniques, GK8 can provide a conducive environment for initiating the automatic reconciliation process confidently. Besides that, the environment is in place to enable the signing of the blockchain transactions. For security purposes, GK8 has five registered patents, which come with unique security algorithms. They have the capabilities of bypassing the core assumptions that facilitate cryptocurrency transfers and also get rid of attack vectors that can lead to hacking of the transactions.
Through its blockchain solution, GK8 is providing stakeholders in the crypto sphere with an institutional-grade solution to secure their transactions. GK8 blockchain solution is already in use at multi-asset trading and investment firm eToro. Since its development, 1 billion US dollars have gone through its platform.
However, with funds in place, GK8 will now focus on strengthening its platform to lure hedge funds dealing in crypto, exchanges, custodian platforms, and financial institutions. With its solution supporting Bitcoin alongside the other coins, GK8 unidirectional blockchain solution is an essential platform for the crypto sector. It will help prevent hacking crypto sector’s biggest challenge.