U.K based crypto company Blockchain has appointed a former U.S presidential bodyguard as its new global head of security.
According to a statement from the company, it had acquired the services of George Sax, a former special agent and senior official of the U.S. Secret Service to manage it security operations. During his time with the secret service, Sax was in charge of Investigations and he was also in charge of security for the 2016 U.S. presidential campaign
Blockchain touts itself as the first and most trusted global cryptocurrency company and it currently manages more than 26 million digital wallets for its users spread across 140 countries allowing them to buy, sell and hold digital assets.
But with crypto hackers repeatedly targeting digital exchanges in recent times, it has become imperative for platforms such as Blockchain to dedicate human and material resources to secure the assets in its custody.
In January, hackers stole more than $500 million of tokens from Coincheck a Japanese based cryptocurrency exchange platform. In June, a similar attack on two Korean based exchanges, Coinrail and Bithumb saw the loss of saw the loss of more than $60 million worth of cryptocoins. And in a more recent attack in July, a security breach on the exchange platform Bancor resulted in the loss of about $24 million worth of cryptocurrencies.
“We are one of the top targets in the world for security threats by virtue of our place in the crypto ecosystem,” said Peter Smith, Blockchain’s chief executive officer and co-founder. “We have to secure our infrastructure, data centers, and our operations. It’s a big job, and George will help us build a next generation of security.”
Acknowledging the news of his appointment, Sax released a statement saying, “I’m looking forward to applying my experience at the U.S. Secret Service and the U.S. Treasury to the company’s already robust security program and enable millions across the globe access to this new financial system with confidence.”
Beside several regulatory grey areas, the apparent insecurity surrounding crypto assets held by digital exchange platforms has long been cited as one of the major factors hindering the entry of institutional investors into the crypto space.
Analysts say with Sax’s appointment, Blockchain may be looking to assure investors that the safety of the assets in its custody remains a top priority even as the company recently launched a platform specifically targeting the institutional class of investors.
Blockchain is managed by a team that includes Antony Jenkins, a former CEO of Barclays Plc and Arthur Levitt, a former chairman of the Securities and Exchange Commission and now a director at Bloomberg LP.