In an announcement from Cape Canaveral, Florida on the 30th June 2021, it was revealed that Biteeu had successfully launched its digital security infrastructure into space. Under the SpaceX rideshare program, the technology was launched aboard a SpaceX Falcon 9 rocket. Partnering with Biteeu to implement the project, space-as-a-service solution provider and partner SpaceChain installed the technology on a YAM-2 satellite carried by the Falcon 9 Rocket as part of a mission facilitated by a satellite operator Loft Orbital.
The mission establishes Biteeu as the world’s first cryptocurrency exchange leveraging the optimized security of space-grade infrastructure to provide ultra-secure cryptocurrency transactions. With its public satellite key backed up on a space node, Biteeu has obtained ISO 27001 certification validating that its information security management system meets global best practices. The announcement further reinforces Biteeu’s commitment to leveraging state-of-the-art technology to provide ultra-secure user privacy.
Once the space node is activated, it will be able to process multi-signature Bitcoin transactions. Touted by industry experts as providing scope to re-shape the landscape of personal finance, the multi signature wallet is a secure storage system used to manage digital assets such as Bitcoin and other cryptocurrencies, adding extra layers of security to protect digital assets, just as a joint bank account does in the physical world.
New users who sign up with Biteeu quoting the spacebiteeu2021 promo code will receive a certificate with a serial number validating that their name and cryptocurrency wallet has been sent securely to Biteeu’s space node on orbit.
With hackers employing increasingly sophisticated tactics such as phishing to dupe targets into providing their passwords, multisignature wallets requiring two or more signoffs considerably reduce the risk of theft. Multisignature wallets also ensure users can still access their funds even if they lose one password – a problem that has to date proved an issue associated with Bitcoin, with approximately $20 billion in Bitcoin permanently lost due to forgotten passwords according to a report from the Wall Street Journal.
Biteeu’s space node incorporates various security systems, including a 12-hour latency in communications between ground stations and satellites, preventing cybercriminals and hackers from quickly moving digital assets and reducing the risk of theft and fraud. The remoteness of its location – combined with the public key stored on the satellite and offline end-to-end encrypted satellite communication – vastly enhances the security of transactions and data which, if hosted solely on Earth-based servers, can be vulnerable to hacking and cyberattacks.
As Biteeu’s chairman and co-founder Shukhrat Ibragimov pointed out, by integrating decentralized space-based technology, Biteeu is able to continuously build the confidence of institutional and retail traders – allowing them to manage their funds with the best trading experience – and address security vulnerabilities.
With the completion of hardware and software testing expected in November 2021, users will soon be able to authorize Bitcoin multi signature transactions in space via Biteeu’s state-of-the-art, on-orbit multi-signature wallet.
The project is poised to fortify Biteeu’s reputation as one of the world’s most secure virtual currency exchanges, underlining the company’s commitment to prioritizing its customers’ privacy and security.
Biteeu is managed and operated by Eurasian Space Ventures, a private Kazakh company that aims to serve as an international hub for space projects. Also founded by Shukhrat Ibragimov, Eurasian Space Ventures recently entered into a Memorandum of Understanding with SpaceChain, with the two companies committing to a two-year partnership developing joint space technology projects. Eurasian Space Ventures aims to connect world-leading companies, projects, and technologies with Kazakhstan’s well-established space ecosystem and infrastructure, creating a global hub for the space industry in the country.
Biteeu is a fully compliant and licensed digital assets exchange operating from the EU and Australia. The company was created with the vision of bridging the gap between traditional commodities – such as cobalt and gold – and popular cryptocurrencies, with the overall objective of providing the international crypto community with an innovative, reliable, and secure trading platform.
Speaking about the space-based venture, Biteeu co-founder and CEO Talgat Dossanov explained that establishing the new multi-signature transaction platform in space encapsulates Biteeu’s continuous efforts to uphold the highest levels of data protection for its users, raising the security standards benchmark in the cryptocurrency market.
Mr. Dossanov pointed out that as a forerunner in financial innovation, Biteeu looks forward to providing its users with a more robust and secure platform that can be accessed from virtually anywhere in the world.