Anchorage Digital, Bastion, Coinbase, Figment, Fireblocks, Halborn, Kraken, OpenZeppelin, Ribbit Capital, and Sentinel Global Collaborate to Combat Increased Security Threats
July 10, 2024 — The Blockchain Security Standards Council (BSSC) today announced its formation as a critical initiative to establish and enforce security standards for the blockchain industry. Founding members include Anchorage Digital, Bastion, Coinbase, Figment, Fireblocks, Kraken, Ribbit Capital, and Sentinel Global. Technical audit firms Halborn and OpenZeppelin are also part of the founding member group.
In 2024 alone more than one hundred security exploits to the crypto industry emphasize the need for BSSC’s formation. The BSSC’s initial work of establishing standards and companion audit schemes will help create a baseline level of trust and confidence across the various aspects of the blockchain ecosystem at an important time for the industry’s maturation.
“We are deeply confident that taking even the first steps in getting the blockchain industry aligned on foundational security practices will make a significant difference,” said BSSC Executive Director Greg Kohn. “When we look at many of the well-publicized incidents over the past couple years, if they had even some of the basic protections in place, losses could probably have been avoided.”
Aside from its standards efforts, BSSC plans to engage with regulators and policymakers to apprise them of their work and collaborate on ways to best protect consumers while continuing to nurture innovation across the blockchain ecosystem. The BSSC also intends to enlist more member organizations over the coming months. Its goal is to publish its initial standard and launch the accompanying audit scheme by year-end 2024.
“More than ever, nascent protocols and blockchains need support in secure code and auditing practices,” said Anchorage Digital CEO and Co-founder, Nathan McCauley, “growth and adoption depend on it, and that’s why we’re joining the BSSC to collaborate as an industry towards a safer tomorrow.”
“Establishing voluntary security standards is a critical component of crypto’s maturation,” said Kraken Chief Security Officer, Nick Percoco. “Industry players collaborating to build a stronger overall ecosystem can only help in driving confidence in the overall asset class. Kraken is proud to play its part in designing these standards that the industry will adhere to.”
"BSSC aims to unlock crypto's potential by bringing industry players together to set the standard for security. Created by the ecosystem for the ecosystem, the BSSC's security framework will position the crypto industry for growth," said Adrienne Allen, Head of Security Governance, Risk and Compliance, Coinbase.
“Security standards and best practices will play a key role in bolstering trust and safety in the blockchain industry. We’re eager at Bastion to collaborate with other industry players in the BSSC to make the blockchain ecosystem safer,” said Riyaz Faizullabhoy, Co-founder at Bastion.
"At Halborn, we recognize the critical need for robust security standards to safeguard the integrity of blockchain systems," said Halborn Co-Founder and CEO Rob Behnke. "The formation of the Blockchain Security Standards Council is a pivotal step in uniting the industry to combat escalating security threats."
"As security threats evolve alongside industry growth, it's imperative that our defenses adapt even faster. Through this collaborative effort, Fireblocks is committed to supporting a new benchmark for security, ensuring that blockchain technology can fulfill its promise with confidence and resilience," said Shahar Madar, Vice President, Security & Trust Products, Fireblocks.
“It is critical that we promote trust within the blockchain industry through a standard security framework, break the perceived stigma and encourage confidence and assurance within the ecosystem. Figment is proud to collaborate as a founding member and advocate this initiative,” said Figment CISO, Annalea Ilg.
About the Blockchain Security Standards Council
The Blockchain Security Standards Council (BSSC) is a nonprofit organization dedicated to enhancing the security of blockchain systems and the digital assets on them. The BSSC develops security standards and an audit framework to protect the integrity and continued growth of the blockchain ecosystem. For more information about the Council and its initiatives, please visit https://www.blockchainssc.org/.
