Gem has added another layer of security to its multisig wallet offering, adapting Hardware Security Modules (HSMs) from payment security company Thales e-Security.
According to its website, Gem provides Bitcoin application developers with pre-built, full-stack Bitcoin API, multisig wallet and security functionality. With this out of their way, developers can focus on the application’s unique components and potentially complete it with just a few lines of code.
In September, the startup secured $2 million in funding, making it among the first of a string of investment rounds in ventures catering to developers with API infrastructure.
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Thales e-Security is a division of Thales Group, a publicly traded conglomerate offering technology solutions for aerospace, defence, transportation and security markets. Its HSMs are used to protect military encryption keys and are said to secure more than 80% of all payments transactions. The firm is said to protect the data of 19 of the world’s top 20 banks among over 3,000 financial institutions in the world.
Its wallet offering already incorporating multisignature technology, the addition of a “FIPS-140-2 Level 3” certified layer is envisioned to give users the same degree of confidence as with a conventional bank. Said Gem CEO Micah Winkelspecht:
“The year 2014 was all about multi-sig; now we’re finally starting to see major adoption of that security standard by Bitcoin companies, and it’s growing at an exponential pace. 2015 is the year of hardware security. The great news is they work perfectly together… like peanut butter and jelly.”
Richard Moulds, VP of product strategy at Thales e-Security, was upbeat on how the adoption can transform security in the Bitcoin industry: “By taking advantage of unique capabilities of these machines, Gem is securing Bitcoin transactions in a way that matches and exceeds security best practices that are a prerequisite in the payments industry,” he said.