GK8, an Israeli cybersecurity startup, has reportedly managed to developed the world’s first system for offline crypto transactions.
This revolutionary system is using GK8’s cryptographic techniques which enable instant blockchain transactions of any digital asset without the need of an online service.
According to the Israeli business publication Globes, the company’s funding round led by Discount Capital managed to raise $4 million. Discount Capital is also a venture arm of three of Israel’s largest banks.
The project seems to have many renowned investors like Marius Nacht, the co-founder of the cybersecurity giant Checkpoint, EdenBlock, StratX, the Israel Innovation Authority and many others behind it.
GK8 might be a step away from a mini-revolution
Globes’ report highlights that GK8’s state of the art cryptographic techniques, were the reason for the company’s development of a cold wallet which has hot wallet functionality.
Lior Lamesh, the company’s CEO was recently interviewed by Fortune. He described GK8’s technology as “ledger agnostic”. This basically means that the technology can probably be used for bitcoin and other cryptocurrencies.
Lamesh also mentioned that thanks to the “unidirectional connection” GK8 is fully capable of recording transactions on a blockchain in an offline environment.
GK8’s technology is not some distant future prototype. It’s fully operational and running and is even already being incorporated by one of the most popular digital asset trading platforms eToro.
Fortune reveals that GK8 was founded just back in 2018 by two members of the Israeli special defense unit. The unit in question is specialized in guarding Israel’s digital assets.
The country is pouring immense resources into fixing its infrastructure and quickly adopting new technology. Earlier this year, it was revealed that Elon Musk and Benjamin Netanyahu discussed the option of one of Musk’s companies to help with Israel’s infrastructure and traffic problem.
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