Hub Security, an Israeli cybersecurity firm manufacturing hardware modules for secure custody of private keys, paired with an ultra-secure quantum-proof HSM cloud platform, today announced the launch of their new secure custody solution geared towards the Decentralized Finance (DeFi) sector.
The new service enables DeFi teams to securely connect between MetaMask and Ethereum, as well as most other popular global DeFi platforms. The new service would provide organizations with end-to-end cyber protection for their MetaMask crypto wallets within a rugged hardware environment using Hub Security’s secure platform.
“The growing use of DeFi has led to a sleuth of new DeFi applications that enable the performance of complex financial transactions such as flash loans, decentralized exchanges, and complex financial hedging on the Ethereum blockchain. As of today, more than $41 billion worth of assets are already locked in various DeFi apps, and the number is only increasing,” says Hub Security CTO and co-founder, Andrey Iaremenko.
“At the same time, billion-dollar apps only allow complex transactions through consumer-oriented solutions like Ledger or Trezor wallets, which are unable to provide complete cyber protection. As a result, financial transactions often cannot be properly validated as secure, creating a gap where hacking activity can thrive.”
HUB’s New Solution
Hub Security’s new solution will now allow organizations to control and protect the activity of financial transactions, as well as smart contracts before they can be processed. “In order to comply with current regulation, a user must be able to see full details of a transaction — including the amount, receiver, and contract. But the market solutions available today are only able to provide users with a transaction’s hash, a string of letters and number on a 1 cm screen, to approve. Hub Security’s solution combines the cybersecurity of an HSM with a clear presentation of the transaction details, which allows bank-level security,” explains Mr. Iaremenko.
In addition, encrypted keys are stored and safeguarded on Hub Security’s secure remote servers where users can design unique and complex user-privilege architectures that would allow several signatories to approve high-level transactions at once. Moreover, Hub Security’s platform leverages AI technology that can learn to predict the transaction patterns of users and prevent suspicious activity.
The solution’s technology is based on the company’s unique cybersecurity capabilities, which leverages Hub Security’s ultra-secure Vault HSM (Hardware Security Module) device and key management platform. The solution consists of a remote server that combines critical physical and network security characteristics to allow for the secure use of encryption keys and other highly-sensitive data. The server can be accessed by users via a secure mini-HSM device that is provided by the company and serves as an on-the-go remote controller. In addition to providing usage flexibility, the handheld device is bundled with dedicated software that provides two-tier (2FA) bank-level security and user authentication.
Hub Security utilizes military-grade cybersecurity principles for its Vault HSM (Hardware Security Module) and handheld mini-HSM devices. With FIPS-approved cryptographic algorithm validation, as well as a security architecture designed for FIPS 140-2 Level 4 (pending), Hub’s solution is poised to provide the stymied DeFi sector with the highest-level of cybersecurity protection available on the market to date.