Cryptosat, a startup that aims to launch a Trusted Execution Environment in Space, has raised $3 million in a seed round. The funds raised during the private round will be used to support the startup’s goal of establishing physically isolated cryptographic applications housed in an orbiting satellite.
Cryptosat has a vision of providing tamper-proof root-of-trust through complete device isolation. And the successfully private round shows that the startup’s vision resonates with investors.
Cryptosat’s private round attracted investments from Phala Network, Inflection, GoAhead Ventures, DoraHacks, and Protocol Labs, which is best known for backing Filecoin and developing IPFS.
Cryptosat partnerships
Cryptosat is currently exploring partnerships with organizations interested in creating a trusted execution environment in space including the development of a Random Beacon for the Velas blockchain that can generate and transmit trusted randomness from space.
Velas CEO Farkhad Shagulyamov commenting on their partnership with Cryprosat said:
“Random Beacons must be unpredictable and resistant to any manipulations. We believe that our partnership with Cryptosat will help us develop a top-quality Random Beacon, which has no analogues in the modern crypto industry.”
Protocol Labs is also working with Cryptosat on time-based cryptographic solutions including Verifiable Delay Functions (VDFs) that will be hosted in space. These solutions will potentially unlock new opportunities in the realm of computing by guaranteeing ultimate trust and transparency ranging from blockchain to securing internet transactions.
Cryptosat satellites
Cryptosat satellites will be built from the ground up and will guarantee that no third party interferes with the computing environment prior to launching into orbit. This further guarantees that not even nations or state agencies will be able to tamper with the operations of Cryptosat satellites.
Cryptosat Co-founder, Yan Michalevsky said:
“Cryptosat provides unprecedented integrity, confidentiality and authenticity guarantees for the most sensitive cryptographic operations by leveraging an environment that provides ultimate physical security: space.”
The post Cryptosat raises $3M in seed round to launch crypto-satellites into space appeared first on CoinJournal.
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