Biteeu is set to become the world’s first digital currency exchange office for ultra-secure transactions


Biteeu is set to become the world’s first digital currency exchange office for ultra-secure transactions

1970-01-01T05: 30: 00 + 0530

(Eds: Disclaimer: The following press release has come to you under an agreement with Business Wire India. PTI assumes no editorial responsibility in this regard.) Migration to a satellite network architecture in orbit strengthens Biteeu as one of the most secure virtual currency exchanges. in the world that prioritizes user privacy and security Hyderabad, Telangana, India and CAPE CANAVERAL, Florida, United States – Business Wire India Biteeu India launches successful partnership with SpaceChain for the successful launch of its digital security infrastructure in space aboard a SpaceX Rocket Falcon 9 as part of the carpooling program. The space node created for Biteeu by space solutions provider as a service and partner SpaceChain is installed on a YAM-2 satellite carried by a rocket. The mission was made possible by satellite operator Loft Orbital. This makes Biteeu the first cryptocurrency exchange in the world to take advantage of the high security of a space-class infrastructure for ultra-secure Bitcoin cryptocurrency transactions, and to have its public satellite key saved on a space node. has obtained the ISO 27001 certification which validates the exchange meets the best global practices for its information security management system. Today’s announcement further reinforces the exchange’s commitment to ensuring ultra-secure user privacy with cutting-edge technology. Once activated, the space node will be able to process multi-signature Bitcoin transactions. Multi-signature technology requires more than one 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 held by the space node, including communication latency between ground stations and satellites of up to 12 hours, prevent cyber fraud and theft, as hackers are unable to move quickly digital assets. The extra distance in space, along with the offline end-to-end encrypted satellite communication and the public key stored on the satellite, dramatically improves the security of data and transactions, which can be vulnerable to cyber attacks and hackers. if they are hosted only on physical Earth. based servers. “As digital currency becomes a driver in the new era of global commerce, we are seeing limitations in terrestrial infrastructure with growing security concerns that prevent users from taking full advantage of cryptocurrencies,” said ShukhratIbragimov, co- founder and president of Biteeu. “By integrating innovative and decentralized space technology, we are able to address security vulnerabilities and continuously boost institutional and retail traders’ confidence in managing their funds with the best trading experience. Hardware and software testing is expected to be completed by November 2021. Once completed, Biteeu users will be able to authorize Bitcoin multi-signature transactions in the space through the multi-signature wallet. The migration of the in-orbit satellite network architecture is poised to strengthen Biteeu as one of the most secure virtual currency exchanges in the world, which places the highest importance on user privacy and security. 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 seeking to capitalize on the well-established space infrastructure and ecosystem of the country. ESV and SpaceChain have signed a memorandum of understanding for continued collaboration and the 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 the space encapsulates our continued efforts to maintain the highest levels of data protection for our users and to raise the benchmark 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 enabling our global users to have a more secure and robust platform, accessible from virtually anywhere. Speaking of this incredible achievement, Biteeu India Director Nishit Khanna said, “Recently Virgin Atlantic has started taking people on board to travel and see space, we have now taken the next big step to transmit, validate and store blockchain transactions and crypto assets. in the space. For us user safety is the highest priority and by this revolutionary step we firmly believe that we have improved user safety many times. About Biteeu Biteeu India is operated in partnership with Biteeu which is a fully licensed and compliant commodity-backed digital asset exchange in the European Union and Australia. It aims to bridge the gap between popular cryptocurrencies and traditional commodities such as gold or cobalt. Biteeu’s intention is to provide the global crypto community with a secure, innovative and reliable trading platform. For more information visit To view the image click on the link below: Biteeu India launches with successful partnership with Space Chain PWR PWR

Disclaimer: – This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

More from Outlook Magazine

Source link


Leave A Reply