Over the last several years, the cryptocurrency arena has been very hit or miss when it comes to security. For companies like Moon Pay, the notion of keeping customers, as well as their cryptocurrency stashes and their data, safe as possible is one that has taken serious precedence with executives.
Moon Pay Brings on the Best of the Best?
The financial company has announced that it is bringing Nils Puhlmann – a cybersecurity expert – on board to serve as their new security advisor. The company says it has approximately 80 or more partner integrations to oversee in the coming weeks, and it wants to make sure everything goes as smoothly and as by the numbers as possible.
In a statement, co-founder and CEO of Moon Pay Ivan Soto-Wright explained:
At Moon Pay, we are building mission-critical infrastructure to accelerate cryptocurrency adoption. As we are mapping our goals for growth, it is essential that we prioritize security and privacy for our users and partners above all else. In Nils, we have a seasoned security executive who has built some of the strongest security teams at places like Twilio, Zynga and Electronic Arts, and we feel tremendously honored to have his guidance.
Cybersecurity threats in the cryptocurrency arena have become all too real. Just yesterday, Live Bitcoin News reported that foreign exchange company Travelex was forced to pay as many as 285 bitcoins – worth approximately $4 million at the time – to hackers that had infiltrated their systems and taken control of their users’ data.
The company initially reported that it was stuck dealing with software glitches, but later admitted to being subjected to malware. The attack had occurred in early January and the company had no choice but to pay up to get its networks back on track.
Moon Pay says that it has experienced an 80 percent surge in the number of customers who have bought or who are looking to buy cryptocurrencies. Executives claim this is due to the unforeseen economic turmoil that has been caused by the coronavirus.
It’s Time to Keep People Safe
Thus, digital assets are becoming far more mainstream, and something that popular and large needs to offer customers the highest level of safety possible. Nils Puhlmann explains:
The cryptocurrency space is still an evolving industry, and as we have seen in the past with cloud computing and the Internet of Things [IoT], security and privacy are imperative to its success and widespread adoption. Deploying mature security programs will be essential for every major player in the cryptocurrency world, and I look forward to guiding Moon Pay over its next phase of growth.
Since the Coincheck hack in early 2018, many crypto exchanges and related trading platforms are doing more to ensure they know who their customers are and to ensure anti-money laundering protocols are in place.