The BSSC’s participants will address emerging security threats by working toward a consensus of agreed upon standards. Such threats include fraud, nation-state targeted campaigns and protocol and contract exploitation, all of which damage trust in cryptoasset technology.
“Establishing voluntary security standards is a critical component of crypto’s maturation,” said Kraken Chief Security Officer Nick Percoco. “Industry players collaborating to build a stronger overall ecosystem can only help to drive confidence in the overall asset class. We’re proud to play our part in designing these standards that the industry will adhere to.”
The BSSC founding team consists of Kraken, Anchorage Digital, Bastion, Coinbase, Figment, Fireblocks, Halborn, OpenZeppelin, Ribbit Capital and Sentinel Global. All firms in the BSSCl are committed to developing industry security benchmarks and a robust audit process by the end of 2024.
The BSSC also aims to engage with regulators and policymakers – educating as the blockchain ecosystem grows – to ensure the industry develops unified standards that protect consumers while nurturing innovation in the asset class.
Co-founding the BSSC is yet another example of Kraken’s dedicated security strategy. It follows our co-founding the industry’s first ever Crypto Information Sharing and Analysis Center (ISAC). This nonprofit organization, which also includes members from across the crypto ecosystem, will effectively disseminate knowledge and best practices with the overall aim of reducing cybersecurity exploits.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any cryptoasset or to engage in any specific trading strategy. Kraken makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Kraken does not and will not work to increase or decrease the price of any particular cryptoasset it makes available. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply.
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