Business Wire India
Biteeu India launches with the successful partnership with SpaceChain for the successful launch of its digital security infrastructure into space onboard a SpaceX Falcon 9 rocket under the rideshare program. The space node created for Biteeu by space-as-a-service solution provider 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 marks Biteeu as the first cryptocurrency exchange in the world to leverage the high security of space-grade infrastructure for ultra-secure Bitcoin cryptocurrency transactions, and having its public satellite key backed up on a space node.
Biteeu.in has obtained the ISO 27001 certification which validates the exchange meets global best 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 capable of processing multisignature Bitcoin transactions. Multisignature technology requires more than one private key in order to authorize a bitcoin transaction from a crypto-wallet address, rendering the transaction more secure than standard single-signature methods.
Various security mechanisms held by the Biteeu.in space node, including the latency in communication between the ground stations and satellites of up to 12 hours, prevent cyber fraud and theft as hackers are unable to move digital assets out quickly.
The added remoteness in space, together with the offline end-to-end encrypted satellite communication and the public key stored on the satellite, greatly enhances the security of data and transactions, which can be vulnerable to cyberattacks and hacking if hosted solely on physical Earth-based servers.
“As digital currency becomes a driver in the new age of global commerce, we are seeing limitations of land-based infrastructure with growing security concerns that impede users from realizing the full benefit of cryptocurrencies,” said Shukhrat Ibragimov, Biteeu co-founder and chairman. “By integrating innovative, decentralized space-based technology, we are able to address security vulnerabilities and continuously build the confidence of institutional and retail traders in managing their funds with the best trading experience.”
Hardware and software tests are expected to be completed by November 2021. Upon completion, Biteeu users will be able to authorize Bitcoin multisignature transactions in space through the multisignature wallet.
The on-orbit satellite network architecture migration is poised to fortify Biteeu as one of the most secure virtual currency exchanges in the world that places user privacy and security as of the utmost importance. Biteeu is operated and managed by Eurasian Space Ventures (ESV), a private company registered in Kazakhstan which aims to serve as an international hub for space projects and related organizations looking to capitalize on the well-established space infrastructure and ecosystem in the country.
ESV and SpaceChain have signed a Memorandum of Understanding (MOU) for ongoing collaboration and developing joint projects in the field of space technologies over a period of two years.
“The establishment of Biteeu’s multisignature transaction in space encapsulates our continuous effort in upholding the highest levels of data protection for our users and raising the benchmark of security standards in the cryptocurrency market,” said Talgat Dossanov, Biteeu co-founder and CEO. “We are at the forefront of this financial innovation and we look forward to enabling our global users with a more secure, robust platform that can be accessed from virtually anywhere.”
Stating on this amazing feat Biteeu India Director, Nishit Khanna, said, “Recently, Virgin Atlantic has started to onboard people to travel and see the space, we have now taken the next big step to transmit, validate and store blockchain transaction and crypto assets in the space. For us, User's security is the biggest priority and by this revolutionary step we strongly believe that we enhanced user's security multi-fold times.”
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