Bug Bounties Pay as CrowdCurity Scores $1M in Tim Draper Led Venture Funding Round
- In January, Forex Magnates covered web security firm CrowdCurity. Following traction of their offering, CrowdCurity has announced that they have received $1 million in a funding round led by Tim Draper.
In a January column of our New Product Spotlight, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates covered crowdsourced web security firm CrowdCurity. The firm is composed of freelancing hackers who aim to collect ‘bug bounties’ by finding security flaws with CrowdCurity’s customers. Following traction of their offering, CrowdCurity has announced that they have received $1 million in a funding round led by Tim Draper, Kima Ventures, and other investors.
CrowdCurity Founders
While not exclusively targeting the financial industry, when we first caught up with CrowdCurity CMO of the firm, Esben Friis-Jensen, he explained to Forex Magnates that they viewed the sector as specifically vulnerable to cyber-attacks due to firms in the space handling sensitive client identity information as well as bank and payment details. As a result, they viewed Forex brokers and payment providers as core potential clients for their offerings. At the time, CrowdCurity was already seeing demand for its products from bitcoin related companies, with Friis-Jensen explaining back in January, “The value of bitcoin has exploded. This success has meant that the web-based bitcoin exchanges and wallets are increasingly attacked by criminals trying to hack and steal bitcoins or user data.”
Since then, CrowdCurity has continued to expand its penetration in the bitcoin sector, providing services to wallet companies, exchanges and merchant processing providers such as Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.info, ANXBTC, BitGo and Vault of Satoshi. In announcing their funding, CrowdCurity stated that since launching in 2013 their platform has been used to run over 90 bug bounty programs for clients.
While on the overall level, the uptake for their product is a drop in the bucket of global financial spending on security, CrowdCurity's crowdsourced web security model represents a larger trend taking place with FinTech. Along with CrowdCurity, crowdsourced projects have been growing rapidly in the area of equity financing through crowdfunding, lending via P2P loans using crowdsourced lender/borrower reviews, and in investing with the increased penetration of social trading.
In a January column of our New Product Spotlight, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates covered crowdsourced web security firm CrowdCurity. The firm is composed of freelancing hackers who aim to collect ‘bug bounties’ by finding security flaws with CrowdCurity’s customers. Following traction of their offering, CrowdCurity has announced that they have received $1 million in a funding round led by Tim Draper, Kima Ventures, and other investors.
CrowdCurity Founders
While not exclusively targeting the financial industry, when we first caught up with CrowdCurity CMO of the firm, Esben Friis-Jensen, he explained to Forex Magnates that they viewed the sector as specifically vulnerable to cyber-attacks due to firms in the space handling sensitive client identity information as well as bank and payment details. As a result, they viewed Forex brokers and payment providers as core potential clients for their offerings. At the time, CrowdCurity was already seeing demand for its products from bitcoin related companies, with Friis-Jensen explaining back in January, “The value of bitcoin has exploded. This success has meant that the web-based bitcoin exchanges and wallets are increasingly attacked by criminals trying to hack and steal bitcoins or user data.”
Since then, CrowdCurity has continued to expand its penetration in the bitcoin sector, providing services to wallet companies, exchanges and merchant processing providers such as Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.info, ANXBTC, BitGo and Vault of Satoshi. In announcing their funding, CrowdCurity stated that since launching in 2013 their platform has been used to run over 90 bug bounty programs for clients.
While on the overall level, the uptake for their product is a drop in the bucket of global financial spending on security, CrowdCurity's crowdsourced web security model represents a larger trend taking place with FinTech. Along with CrowdCurity, crowdsourced projects have been growing rapidly in the area of equity financing through crowdfunding, lending via P2P loans using crowdsourced lender/borrower reviews, and in investing with the increased penetration of social trading.