INX Hires Israeli Startup GK8 for Custody of Cryptocurrencies

An owner of the first SEC-approved IPO, INX Crypto Exchange, prefers to keep cryptocurrencies 100% offline.

The cryptocurrency company owns the first initial public token offering, IPO, approved by the Securities and Exchange Commission (SEC), selected a digital assets custody provider.

According to a September 16 announcement, INX has hired Israeli crypto firm GK8 for digital assets’ custody on its upcoming crypto exchange.

Furthermore, INX tweeted that the company will use GK8’s end-to-end platform to manage and safeguard digital assets. The platform includes GK8’s proprietary air vault that can create, sign, and send blockchain transactions while remaining 100% offline.

Headquartered in Gibraltar, INX plans to raise $117 million from its ongoing security token initial public offering targeting retail and institutional investors.

INX plans to establish a multi-service digital asset platform and a cash reserve fund

Notably, after raising half a million dollars as of September 10, INX began accepting cryptocurrencies. These included Bitcoin (BTC), Ether (ETH), and USD Coin (USDC) on September 14. With the funds raised, the company intends to establish a multi-service digital asset platform and a cash reserve fund.

GK8, a cybersecurity company, formed in 2018. Lior Lamesh and Shahar Shamai, founders of the company, are cybersecurity experts. They previously worked together in a classified Israeli cyber unit. The startup manages more than a billion in digital assets for global banks, exchanges, and custodians. In fact, eToro, a prominent Israeli social investment firm, became one of its first clients in 2019.

The Israeli cryptocurrency custody provider’s provocative stance in the cryptocurrency wallet market makes it renown. Moreover, GK8 asserts to be able to store and perform crypto transactions without any internet connection. In July 2020, GK8 published an article saying that no cold wallet is cold if it requires an internet connection to execute a blockchain transaction.