Blockchain have just announced the name of their new global head of security. George Sax is a former U.S. special agent previously entrusted with guarding the president himself.
George Sax Takes Security Role at Blockchain Ltd.
Security in cryptocurrency is a top priority particularly for a company like Blockchain Ltd. The fintech firm currently manages more than 26 million digital wallets for its users. That’s a potentially massive honey pot for cyber criminals.
The man Blockchain Ltd. are entrusting to lead their global security team is George Sax. Sax is a senior official of the U.S. Secret Service and a former special agent. He headed the Secret Service’s Office of Investigations along with taking care of security for the presidential election campaign in 2016.
In the wake of multi-million-dollar exchange hacks at the likes of Coincheck in January, and a recent security compromise at South Korean trading platform Coinrail, security at such custodians of people’s digital assets is paramount. Sax himself explained his keenness to turn his hand to a new challenge in statement reported by Bloomberg:
“I’m looking forward to applying my experience at the U.S. Secret Service and the U.S. Treasury to the company’s already robust security program and enable millions across the globe access to this new financial system with confidence.”
Blockchain’s effort to revamp their security are likely related to the platform they’ve just launched to appeal to an institutional class of investors.
One of the key things that is perceived to be lacking from the cryptocurrency space before traditional money managers will take interest in the space is adequate security against hackers. Similar initiatives targeting such investors have also been forwarded by Coinbase and Circle. All three recognise how vital security is to institutions finding crypto exposure appealing.
Other members of Blockchain’s team include former CEO of Barclays Plc Anthony Jenkins, and former chairman of the U.S. Securities and Exchange Commission (SEC) Arthur Level.
Peter Smith, the CEO and co-founder of Blockchain Ltd. talked of the need for the utmost precautions when it comes to security:
“We are one of the top targets in the world for security threats by virtue of our place in the crypto ecosystem… We have to secure our infrastructure, data centers, and our operations. It’s a big job, and George will help us build a next generation of security.”
Featured image from Shutterstock.