Hub Security, a crypto-focused Israeli cybersecurity firm, informed Finance Magnates that it has developed a custody solution that will allow a secure connection between Metamask and Ethereum. The solution is targeted towards mass decentralized finance (DeFi) platforms.
The Israeli company makes hardware modules for the secure custody of private keys, paired with a quantum-proof HSM cloud platform.
The startup built the new solution as demand for DeFi platforms is skyrocketing, and thus, the necessity for a secure platform is increasing, and MetaMask is the leading wallet solution of these platforms. It detailed that the new service will provide end-to-end protection for the assets stored in MetaMask as the encrypted keys will be stored in the company’s remote servers.
It will further allow participants to control and protect the transactions in the smart contract before they are processed.
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DeFi Is Bulging
Commenting on the importance of the solution, Andrey Iaremenko, Co-founder and CTO of Hub Security, said: “The growing use of DeFi has led to a sleuth of new DeFi applications that enable the performance of complex financial transactions such as flash loans, decentralized exchanges, and complex financial hedging on the Ethereum blockchain. As of today, more than $41 billion worth of assets are already locked in various DeFi apps, and the number is only increasing.”
“At the same time, billion-dollar apps only allow complex transactions through consumer-oriented solutions like Ledger or Trezor wallets, which are unable to provide complete cyber protection. As a result, financial transactions often cannot be properly validated as secure, creating a gap where hacking activity can thrive.”
Earlier, Hub Security teamed up with Tezos Israel to ramp up the security of its hardware wallets participating in Tezos staking. Furthermore, the company raised $5 million last year from several venture capitals.