Biteeu Set to Become the World’s First Space-based Digital Currency Exchange

 for Ultra-secure Transactions

Migration to an on-orbit satellite network architecture fortifies Biteeu as one of the most secure virtual currency exchanges in the world that places user privacy and security first

 

Cape Canaveral, FL, June 30, 2021 (GLOBE NEWSWIRE) — (via Blockchain WireBiteeu today announced the successful launch of its digital security infrastructure into space onboard a SpaceX Falcon 9 rocket under the rideshare program. The space node created for Biteeu by space-as-a-service solution provider and partner SpaceChain is installed on a YAM-2 satellite carried by the rocket. The mission was made possible by satellite operator Loft Orbital.

This marks Biteeu as the first cryptocurrency exchange in the world to leverage the high security of space-grade infrastructure for ultra-secure Bitcoin cryptocurrency transactions, and having its public satellite key backed up on a space node.

Biteeu has obtained the ISO 27001 certification which validates the exchange meets global best practices for its information security management system. Today’s announcement further reinforces the exchange’s commitment to ensuring ultra-secure user privacy with cutting-edge technology.

Once activated, the space node will be capable of processing mutlisignature Bitcoin transactions. Multisignature technology requires more than one private key in order to authorize a bitcoin transaction from a crypto-wallet address, rendering the transaction more secure than standard single-signature methods.

Various security mechanisms held by the Biteeu space node, including the latency in communication between the ground stations and satellites of up to 12 hours, prevent cyber fraud and theft as hackers are unable to move digital assets out quickly.

The added remoteness in space, together with the offline end-to-end encrypted satellite communication and the public key stored on the satellite, greatly enhances the security of data and transactions, which can be vulnerable to cyberattacks and hacking if hosted solely on physical Earth-based servers.

“As digital currency becomes a driver in the new age of global commerce, we are seeing limitations of land-based infrastructure with growing security concerns that impede users from realizing the full benefit of cryptocurrencies,” said Shukhrat Ibragimov, Biteeu co-founder and chairman. “By integrating innovative, decentralized space-based technology, we are able to address security vulnerabilities and continuously build the confidence of institutional and retail traders in managing their funds with the best trading experience.”

Hardware and software tests are expected to be completed by November 2021. Upon completion, Biteeu users will be able to authorize Bitcoin multisignature transactions in space through the multisignature wallet.

The on-orbit satellite network architecture migration is poised to fortify Biteeu as one of the most secure virtual currency exchanges in the world that places user privacy and security as of the utmost importance. Biteeu is operated and managed by Eurasian Space Ventures (ESV), a private company registered in Kazakhstan which aims to serve as an international hub for space projects and related organizations looking to capitalize on the well-established space infrastructure and ecosystem in the country.

ESV and SpaceChain have signed a Memorandum of Understanding (MOU) for ongoing collaboration and developing joint projects in the field of space technologies over a period of two years.

“The establishment of Biteeu’s multisignature transaction in space encapsulates our continuous effort in upholding the highest levels of data protection for our users and raising the benchmark of security standards in the cryptocurrency market,” said Talgat Dossanov, Biteeu co-founder and CEO. “We are at the forefront of this financial innovation and we look forward to enabling our global users with a more secure, robust platform that can be accessed from virtually anywhere.”

Users who sign up with Biteeu with a promo code spacebiteeu2021 will receive a certificate with a serial number that validates that their names and cryptocurrency wallets have been added to the space project and sent securely to the Biteeu space node on orbit.

Additional resources for download:

About Biteeu 
Biteeu is a fully licensed and compliant commodities-backed digital assets exchange in the European Union and Australia. It aims to bridge the gap between popular cryptocurrencies and traditional commodities such as gold or cobalt. Biteeu’s intention is to provide the global crypto community with a secure, innovative and reliable trading platform. For more information, visit www.biteeu.com

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 66,943.00
ethereum
Ethereum (ETH) $ 4,108.73
binance-coin
Binance Coin (BNB) $ 502.82
cardano
Cardano (ADA) $ 2.21
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.15
solana
Solana (SOL) $ 169.51
polkadot
Polkadot (DOT) $ 44.72
dogecoin
Dogecoin (DOGE) $ 0.252357
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 66,943.00
ethereumEthereum (ETH)
$ 4,108.73
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 644.64
litecoinLitecoin (LTC)
$ 204.56
bitcoinBitcoin (BTC)
57.736,66
ethereumEthereum (ETH)
3.543,68
tetherTether (USDT)
0,862475
bitcoin-cashBitcoin Cash (BCH)
555,99
litecoinLitecoin (LTC)
176,43
bitcoinBitcoin (BTC)
48,696.68
ethereumEthereum (ETH)
2,988.83
tetherTether (USDT)
0.727435
bitcoin-cashBitcoin Cash (BCH)
468.93
litecoinLitecoin (LTC)
148.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin66,669 0.52 % 6.10 % 18.34 %
Ethereum4,099.6 0.69 % 7.92 % 17.20 %
Binance Coin504.97 0.78 % 3.89 % 14.67 %
Cardano2.200 0.18 % 3.44 % 3.67 %
Tether0.9986 0.03 % 0.08 % 0.23 %
XRP1.150 0.26 % 5.80 % 4.09 %
Solana172.26 1.39 % 10.53 % 13.33 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2530 0.29 % 3.40 % 11.78 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 66,943.00
ethereum
Ethereum (ETH) $ 4,108.73
binance-coin
Binance Coin (BNB) $ 502.82
cardano
Cardano (ADA) $ 2.21
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.15
solana
Solana (SOL) $ 169.51
polkadot
Polkadot (DOT) $ 44.72
dogecoin
Dogecoin (DOGE) $ 0.252357
usd-coin
USD Coin (USDC) $ 1.00