Blockchain

MatrixPort and exSat establish Comprehensive Strategic Partnership to Drive Bitcoin Ecosystem Innovation

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    Singapore, Singapore, September 18th, 2024, Chainwire

     

    MatrixPort, a leading digital asset financial services platform and exSat, a breakthrough Bitcoin scalability solution, have entered into a comprehensive strategic partnership. By leveraging their respective strengths, they aim to accelerate the growth and application of the Bitcoin ecosystem, marking the start of a new era in Bitcoin development.

    MatrixPort, a global one-stop digital asset financial services platform, brings extensive industry experience, robust technology, and a large user base to offer secure, convenient, and efficient digital asset trading and wealth management services. exSat Network focuses on developing unique scalability solutions for Bitcoin. Through the unique On-Chain UTXO data index, 1 second instant transaction confirmation, and secure asset custody solutions, it provides the Bitcoin network with more powerful scalability, functionality and interoperability, enabling new Bitcoin application scenarios.

    This powerful collaboration plays to the advantages of both parties and brings multiple benefits to the Bitcoin ecosystem. MatrixPort’s expertise and user base will support the rapid development of exSat, while exSat’s innovative technology will offer MatrixPort users more investment options and a superior experience. Together, they are committed to driving Bitcoin adoption and utility, revitalizing the Bitcoin ecosystem, and creating more value for users worldwide.

    This strategic partnership will focus on the following key areas:

    Unlocking Bitcoin Liquidity: Ushering in a New Era of BTCFi

    Matrixport will provide nBTC on the exSat platform, a new Wrapped BTC version of the product that is 1:1 anchored with Bitcoin. They plan to provide 5,000-10,000 nBTC on the exSat mainnet to boost liquidity and support exSat’s PoW+PoS consensus mechanism.

    The issuance of nBTC will become a bridge connecting Bitcoin and the exSat ecosystem, achieving seamless interoperability. Users can convert native BTC to nBTC via MatrixPort and utilize it on exSat for various BTCFi applications such as staking, lending, and trading.

    The issuance of nBTC holds significant implications in a context where 94% of Bitcoin has already been mined:

    • Unlocking Bitcoin Liquidity: Bringing dormant Bitcoin assets into the DeFi space and injecting liquidity into the exSat platform.
    • Expanding Bitcoin application scenarios: Utilizing exSat as a bridge to open up broader application scenarios for Bitcoin.
    • Enhancing Bitcoin User Experience: Leveraging exSat’s efficiency, providing Bitcoin users with more convenient, fast, and cost-effective transaction and wealth management services, promoting the popularization and utility of Bitcoin.

    Empowering Innovation and Expanding the exSat Mainnet Ecosystem

    MatrixPort will focus on driving the vigorous development of innovative dApp applications and services on the exSat platform, co-creating a more open, diverse and prosperous Bitcoin ecosystem.

    Key areas of focus include:

    • BTCFi On-Chain Applications: Supporting the development of nBTC staking, trading, and lending applications on the exSat chain, offering users more diverse financial services and investment options while enhancing on-chain asset liquidity.
    • Real World Assets (RWA): Facilitating the tokenization of real-world assets, such as renewable energy assets, on the exSat platform, combining Bitcoin digital assets with RWAs to unlock new liquidity and value.
    • Cross-Chain Interoperability: Connecting exSat with the BTC ecosystem, and promoting a wider distribution of value.

    This strategic collaboration will offer ecosystem developers comprehensive support, including technical guidance, marketing, and more, helping turn their innovative ideas into reality and promoting the prosperity of the exSat ecosystem. Together, MatrixPort and exSat will create more value for Bitcoin ecosystem participants, realizing the preservation and appreciation of digital assets, and ensuring sustainable, decentralized, and secure growth for Bitcoin.

    Building a Secure Bitcoin Ecosystem to Protect User Assets

    MatrixPort and exSat recognize that security is the cornerstone of Bitcoin ecosystem development. They will collaborate strategically to build an unbreakable on-chain security defence, safeguarding user assets.

    The partnership will integrate MatrixPort’s extensive security experience and exSat’s leading blockchain technology to enhance security in multiple areas:

    • Multi-signature Technology Application: The two parties will jointly explore and apply more decentralized multi-signature technology to provide users with safer asset management solutions and ensure the safety of user assets.
    • Security Specification Formulation: The two parties will jointly formulate and promote BTC asset security specifications and risk control systems, improve the security awareness and prevention capabilities of the entire ecosystem, and jointly maintain the security of users’ assets.
    • Security Monitoring Cooperation: exSat will use Matrixport’s rich security experience and resources to conduct comprehensive security risk monitoring of BTC assets issued on the exSat platform, identify potential risks and control risks in time, and ensure that the platform’s security meets the highest industry standards.

    MatrixPort and exSat firmly believe that a secure and reliable Bitcoin ecosystem is essential for users to participate confidently and enjoy the value and opportunities brought by Bitcoin. Together, they will continuously improve security measures, safeguard user assets, and promote the healthy growth of the Bitcoin ecosystem.

    About exSat

    exSat is dedicated to addressing the scalability and interoperability challenges of Bitcoin. By implementing a Data Consensus Extension Protocol that combines Proof of Work (PoW) and Proof of Stake (PoS), exSat aims to enhance BTC’s data consensus, scalability, security, and interoperability within the ecosystem. For more information, visit exsat.network and join exSat on X.

     

    Contact

    CMO
    Tristan Dickinson
    exSat
    tristan.dickinson@exsat.org

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    Strengthening Crypto Security: Bybit’s AI Risk Engine Fortifies Hot and Cold Wallets, Screening $1 Billion in Withdrawals in First Half of 2024

    2024-09-20T12:29:38Z

    DUBAI, United Arab Emirates, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, is stepping up its security efforts, using cutting-edge AI technology to fend off hackers and bad actors. In the first half of 2024, Bybit protected users by executing 32 million withdrawals and prevented the loss of over $79 million in client assets by vetting close to $1 billion in suspicious withdrawal attempts. More than $37 million in project funds were also safeguarded.

    As part of its tiered approach to fund safety, Bybit’s focus on protecting hot wallets and cold wallets plays a critical role in preventing hacking and fraud. Bybit has strengthened its verification processes, applying extra scrutiny to large transactions and high-risk withdrawals. While most fraudulent attempts were prevented in the early stage, the exchange detected abnormal withdrawal requests involving over $940 million in cryptocurrency during the first six months of 2024, with over 8.4% confirmed as attempted fraudulent withdrawals.

    Fraud Prevention in an Evolving Threat Landscape

    As crypto adoption scales, fraudsters and hackers increasingly target individual users and institutional vulnerabilities. Bybit, as one of the leading crypto exchanges, stands as a critical line of defense against these threats, employing sophisticated AI-driven security protocols to foil illicit schemes. The rise of AI has emerged as an area of concern for security and risk experts, prompting service providers to reconfigure their security posture.

    Covering Every Vulnerability with AI-Driven Protection

    Bybit’s deployment of AI technology serves as a robust shield against evolving risks. From securing user wallet systems to detecting complex, AI-enabled fraud attempts, Bybit's enterprise-level AI fortifies each layer of its defenses.

    All Bybit users can opt into multi-channel verifications and biometric authentication to ensure that their identities are securely verified. For instance, Bybit's risk engine recently thwarted an attempt involving face-swapping technology aimed at bypassing facial verification in its Know Your Customer (KYC) process. Thanks to its live face detection and virtual camera detection, Bybit's system swiftly blocked the attempt by the hacker.

    With a proprietary risk control engine and user behavioral analytics models, Bybit streamlined fraud detection with a combination of both automated and human scrutiny. The wealth of data and algorithmic processes help the system and a team of over 50 risk and security experts detect irregular behavioral patterns and sound the alarm for suspicious activities. The approach significantly reduces the risk of unauthorized access, instructions and withdrawals.

    A “Safety-first” Approach to Trading

    “One of the main reasons users choose to use centralized exchanges is the high level of support and protection they offer. Bybit invests heavily in software, hardware and talent to ensure that our 40 million customers can trade with confidence, knowing that their assets are protected by the most secure blockchain security measures,” said Helen Liu, Chief Operating Officer of Bybit.

    “We are pleased to have kept the fraudulent rate in withdrawals below 10% in the first half of 2024, and we are committed to strengthening our first lines of defenses to ensure that every aspect of the Bybit experience is safe and secure,” continued Liu.

    Raising the Bar for Industry Security

    Bybit has recently announced a comprehensive upgrade of its security measures. Verified by blockchain auditor CertiK, Bybit’s state-of-the-art safety model helped it secure a 10/10 trust score on CoinGecko. By leveraging multi-faceted security frameworks and heavily guarded vaults, Bybit ensures its users’ assets are stored in infrastructures designed to withstand even the most vigorous hacking attacks.

    With its commitment to building lasting trust in the Web3 ecosystem, Bybit aspires to deliver the highest standards in security to set new security standards for the industry.

    #Bybit /#TheCryptoArk

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, readers can please visit Bybit Press.

    For media inquiries, readers can please contact: media@bybit.com

    For more information, readers can please visit: https://www.bybit.com

    For updates, readers can please follow: Bybit's Communities and Social Media

    Contact

    Head of PR

    Tony Au

    Bybit

    tony.au@bybit.com


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