How Are We Keeping Your Assets Safe? Fireblocks and Bitlocus — Security Overview

Last Updated: May 19, 2022

How Are We Keeping Your Assets Safe? Fireblocks and Bitlocus — Security Overview

Here at Bitlocus, we want to provide you with the greatest investment options available in the digital world and help you invest easily and securely.

That is why we put a lot of effort into making our platform as safe as possible. Here’s how we keep your assets safe at Bitlocus.

One of the main ways we are making sure our ecosystem is protected is by utilizing all the security benefits provided by Fireblocks.

Fireblocks is a platform providing a secure infrastructure for companies in decentralized finance to keep digital assets safe and secure. Fireblocks enables secure procedures for moving, storing, and issuing digital assets.

With their unique Multi-layered security technology, many companies within the space of DeFi are able to securely scale digital asset operations and implement quality security measures and insurance policies in their ecosystem — Bitlocus included.

Fireblocks is an enterprise-grade system, meaning it is integrated into our infrastructure smoothly and securely. Fireblocks is using next-generation technology which solves many security challenges in today’s space of DeFi.

Fireblocks utilizes a unique Multi-layer security mechanism with MPC, Intel SGX, their signature Policy Engine, and a deposit address authentication network.

Layer 1

The first layer of the Fireblock Multi-layer security system involves MPC-CMP and Multi-cloud. It was designed to address new requirements of the DeFi space that have emerged as institutions have entered the space. MPC-CMP private key protection layer ensures the safety of our platform by removing the single point of compromise from both external hackers and insiders.

Layer 2

Fireblocks also utilizes SGX key storage. Keys stored in SGX cannot be extracted.

Even if malware or a hacker has control over the server operating system, the memory space and the data in the SGX are encrypted, making it able to combat any attack.

Layer 3

One of the things that make Fireblocks the impenetrable system for DeFi — its unique Policy Engine. The Fireblocks Policy Engine enables organizations to set up specific approval policies for every transaction.

Fireblocks is the only security platform that utilizes asset insurance. Fireblocks is SOC 2 Type II certified and completes regular pen testing from ComSec and NCC Group.

Bitlocus has implemented Fireblocks for custodial service and insured it with $30 million. This means that all digital assets held on your Bitlocus account are insured.

However, please note that the insurance is only valid for digital assets when they are held on your Bitlocus account. Insurance does not apply when your digital assets are transferred to DeFi protocols.

Bitlocus allows everyone get their hands on the benefits provided by the DeFi space. We want to make the process of DeFi investment as simple, smooth and headache-free as possible. But most importantly — we care about the security of our customer assets. That’s why we pay extra attention to it.

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