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Leading Cold Vault and MPC Solutions Provider GK8 Now Supports Tezos (XTZ) Ecosystem

News
Leading Cold Vault and MPC Solutions Provider GK8 Now Supports Tezos (XTZ) Ecosystem

Leading institutional-grade blockchain cybersecurity firm GK8 has added support for the high-throughput, eco-friendly Tezos (XTZ) blockchain, a press release shared with crypto.news reads.

GK8 Adds Support for Tezos

In a bid to expand the number of supported blockchains, institutional-grade Cold Vault and MPC solution provider for crypto custody, DeFi, staking, NFT, and tokenization, GK8 today announced it had added support for the Tezos blockchain.

By introducing support for one of the earliest proof-of-stake (PoS) blockchains, GK8 will now aid in the development of critical infrastructure of the wider Tezos ecosystem.

Notably, GK8 was able to add support for Tezos token standards due to a grant from the Tezos Foundation.

Commenting on the development, Lior Lamesh, Co-founder and CEO, GK8, said:

“High security and scalability are crucial for mainstream blockchain adoption. Tezos brings those features to the table, and we are thrilled to be expanding support to their network. We look forward to delving deeper into the bustling Tezos ecosystem.”

What Does the Support Entail?

For the uninitiated, GK8’s regulation-ready solution comprises two key parts.

First, the solution uses a unique Cold Vault that can create, sign, and send blockchain transactions without connecting to the Internet. Subsequently, the Cold Vault is connected with a powerful high-performance MPC wallet that is typically used for high-frequency automatic transactions.

It’s worthy of note that GK8 holds a patent for the implementation of unidirectional connection technology for crypto wallet grants users. This enables GK8 to offer unrivaled level of security while minimizing the vector for attacks from hackers.

In addition, the solution is bolstered with validation in the form of a Soc2 type 2 certification from the Big 4 firm E&Y.

Roman Schnider, Head of Operations of Tezos Foundation, said:

“GK8 brings to the table a great combination of security, professionalism, and the ability to safely store crypto-assets secured by true Cold Vault and an MPC setup that allows access to on-chain applications. It is an important building block for institutional interactions with the fast-growing number of DApps on Tezos.”

What’s more, GK8’s cybersecurity solution supports the secure tokenization of traditional assets. The solution features general support of all Ethereum Virtual Machine-compatible (EVM) layer-1 blockchains and instant access to all layer-2 smart contracts on supported chains.

GK8 also has an arrangement with AON that enables customers to quickly and seamlessly access insurance of up to $750 million per Vault, which is currently the largest in the market.

GK8 was chosen by Mastercard to help it chart the future of blockchain finance and payments. Further, GK8 serves clients managing billions worth of digital assets such as social investment platform eToro, Securrency, a blockchain fintech company backed by State Street, U.S. Bank, WisdomTree, and Abu Dhabi Catalyst Partners, and Prosegur, one of the world’s largest custodians with more than $400B assets under management.