Cyvers, a Web3 security company targeting the $4 billion cryptocurrency vulnerability market, has partnered with Station70 to launch Secure Signers, an industrial-grade transaction security solution. This initiative is set to enhance institutional confidence in digital assets by bolstering the security of cryptocurrency transfers.
Cyvers & Station70 Launches Secure Signers
Secure Signers is being introduced against the backdrop of increasing cyberattacks on centralized exchanges and wallets, such as the $54 million breach at BTCTurk and the $52 million hack of BingX. These incidents highlight the urgent need for advanced transaction-signing systems.
Cyvers CEO Deddy Lavid stated the importance of this. “The new security solution aims to increase institutional trust in cryptocurrency solutions, especially among traditional finance (TradFi) firms, who are hesitant to invest in digital assets due to the growing security vulnerabilities in the space,” he said.
Over the past three years, the cryptocurrency industry has suffered approximately $4 billion in losses due to access control vulnerabilities, with 2024 alone witnessing a 1,000% increase in cyberattacks on centralized platforms and wallets. These alarming figures underline the critical need for robust threat detection and prevention measures.
The Secure Signers Advantage
Secure Signers combines Cyvers’ real-time threat detection technology with Station70’s co-signer-as-a-service tool to offer proactive security. Specifically designed for Fireblocks wallet users, the system validates transactions for risks before they are executed on the blockchain.
This approach mitigates “black box risks” associated with multi-party computation (MPC) wallets, which can centralize vulnerabilities and expose assets to breaches. Secure Signers eliminates the need for in-house engineering teams, providing institutions with an accessible and scalable solution for advanced transaction security.
For traditional financial institutions hesitant to explore digital assets due to security concerns, Secure Signers offers a promising solution. Adam Healy, CEO of Station70, said, “Our co-signer platform takes the complexity out of implementing advanced transaction security for institutions by marrying Cyvers’ threat intelligence with our technology.”
Cyvers’ Growing Strategic Partnerships.
In a complementary effort, Cyvers has partnered with Inverted Investments, a leader in decentralized exchange technology. This collaboration aims to enhance safety and reliability within the cryptocurrency ecosystem, further solidifying Cyvers’ position as a leader in proactive Web3 security.
For institutional investors, counterparty risk remains a significant concern. As custody failures make headlines, many firms have transitioned to self-custody solutions. While these solutions offer greater control over assets, they also introduce centralization risks that require mitigation.
Secure Signers addresses these challenges by integrating threat detection, transaction validation, and co-signer services, ensuring comprehensive security without requiring extensive internal resources.