Fireblocks achieves the highest-level crypto security certification

    21 Dec 2022

    Fireblocks, a crypto custody tech provider, has received the Cryptocurrency Security Standard (CCSS), a first-of-its-kind certification – a security standard for crypto wallets and custody. The CCSS was created in 2014, but no crypto company has met the necessary standards so far.

    The CCSS certification was created in 2014 specifically for the crypto industry, focusing on storage and usage within an organization and augmenting standard information security practices. It analyzes, for instance, how a provider generates keys, the hardware it uses, how the policy and workflow engine works, and as the cybersecurity controls used.

    Fireblocks received the highest Level 3 certification which is the most suitable for enterprises.

    According to accounting firm Deloitte, to win the level three standard, “multiple actors are required for the all-critical actions, advanced authentication mechanisms are employed to ensure authenticity of data, and assets are distributed geographically and organizationally.”

    Fireblocks become the first company to meet all requirements for this level.

    Marc Krisjanous, the CCSS auditor who led the exam, stated: “An in-depth and rigorous audit was conducted of Fireblocks’ people, processes, and technology components for compliance with the CCSS and found that Fireblocks went above and beyond the CCSS Level 3 requirements.”

    Since 2014, when the CCSS was built, no company in the crypto industry has so far met the necessary standards.

    Per Deloitte, startups in the space don’t follow security best practices, and every system that was subject to breach in the past didn’t pass level one of the standard.

    Michael Shaulov, co-founder and CEO of Fireblocks, commented on the news: “I think the reason why we were able to be the first one to get this certificate – we got it within four months of intensive interrogation – is the expertise that we have from working with leading banks that already took us through a very similar process previously.”

    This June, Fireblocks entered Forbes Fintech 50 with a valuation of $8 billion, among nine other crypto firms. Institutionally-focused crypto custodian servicing popular decentralized finance applications Compound Treasury and Aave Arc. In April 2022, Fireblocks partnered with payments giant FIS to provide its more than 6,000 capital markets clients access to crypto trading and lending services.

    Among Fireblocks’ clients are BNY Mellon, Robinhood, fintech company Revolut, and others.

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