Open-source blockchain-focused company SpaceChain has signed a security partnership with Biteeu DCX OÜ (Biteeu), the Global Virtual Currency Exchange powered by Bittrex. The partnership focuses on enhancing the security and data protection through space-based storage solutions.
Biteeu is a fully licensed and compliant cryptocurrency exchange in the European Union that views data integrity and security as top priorities for their clientele. Aiming to be on the cutting edge of securing user funds, Biteeu will be backing up their data on SpaceChain’s blockchain-enabled satellite payloads, making them the first cryptocurrency exchange to do so.
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“Never before has space been so close and accessible. But, thanks to SpaceChain’s out-of-scope vision and breakthrough technology, Biteeu aims to become the first cryptocurrency exchange in the world to backup daily operational and clientele data in low earth orbit. The partnership with SpaceChain will mark a new era of enhanced data protection for Biteeu virtual currency exchange and will set new standards for other players on the market,” said Shukhrat Ibragimov, chairman of Biteeu.
SpaceChain launched two blockchain-enabled satellite payloads in 2018 and completed the first Qtum space transaction in early 2019. They have been focusing on increasing the security of public blockchain with multi-signature transaction creation and decreasing the likelihood of physical attack vectors by placing blockchain-enabled satellite payloads into low earth orbit. As part of the partnership, Biteeu is utilizing SpaceChain satellite capabilities to back up all its data and upgrade security for its customers.
“We are excited to work with Biteeu on adapting our technology with theirs so as to provide enhanced security and data protection for their customers. We believe that this is a new beginning for the cryptocurrency and space industry, opening doors to more partnerships and exploration of utilizing our blockchain-enabled satellite payloads,” said Zee Zheng, chief executive officer and co-founder of SpaceChain.
In addition to data backups, SpaceChain’s multivariate space nodes are capable of processing transactions on multiple blockchains and performing multi-signature transactions. Plus, they are deployed on custom-built, open-sourced, flight-tested hardware to enable the new space economy. In April 2019, SpaceChain expanded its operations to the United Kingdom to leverage Europe’s advanced space technologies and engage in further business development in the European Union. SpaceChain UK Limited is based in Oxfordshire at the Satellite Applications Catapult, an independent innovation and technology company created by Innovate UK.
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