Project description
Bitbox protects cryptographic keys
Cybercrime causes EUR 750 billion damages in Europe every year while attacks are becoming increasingly sophisticated. Blockchain technology is promising when it comes to tackling cyber risk, but its use does not automatically secure digital assets. The theft, loss or misuse of cryptographic private keys result in irreversible damage. Shift Cryptosecurity’s first product, BitBox, is a cryptocurrency hardware wallet; a tool considered among the most secure options to hold cryptographic keys. BitBox is aimed at individual users, and thousands are already used by customers in over 100 countries. Shift Cryptosecurity additionally targets institutional investors who need to address the critical problem of cryptographic keys' management for themselves and on behalf of their clients.
Objective
Cyber-crime causes €750 billion damages in Europe every year while attacks are becoming increasingly complex. Blockchain technology is promising when it comes to tackling Cyber Risk but the use of blockchain technology does not automatically secure digital assets. The theft, loss or misuse of cryptographic private keys result in irreversible damage. SHIFT CRYPTOSECURITY was founded in 2015 as a spinoff of the ETH Zürich university. We are a fast-growing team of 18 specialists, whose in-depth knowledge of advanced crypto engineering is exemplary. Our mission is to provide HARDWARE crypto-security solutions to individuals and enterprises. We have three products: BitBox - hardware wallet that acts as a digital vault. It is the most secure option to hold cryptographic keys. This product is aimed at individuals who own cryptocurrency and are realizing the vulnerabilities of other wallet options. BitBox first version is already used by 16K customers in over 100 countries thanks to our current trusted resellers & partners network. BitBox Enterprise - A combination of hot (software) and cold (hardware) storage consists of HSM and a multi-signature signing rules engine. This solution is aimed at Institutional investors who need to address the critical problem of cryptographic keys management on behalf of their clients and for their own investment vehicles. In 2016 alone over $1 billion was invested in blockchain by financial services and technology firms. We are certain that large-scale adoption of hardware solutions for holding cryptographic keys will inevitably arrive, as it provides the highest level of security for storing digital assets. We expect to generate €32 Million in profits and ROI of 11.9 by the 5th year of commercialization.
Fields of science
- natural sciencescomputer and information sciencescomputer securitycryptography
- social sciencespolitical sciencespolitical transitionsrevolutions
- engineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationsmobile phones
- natural sciencescomputer and information sciencessoftwaresoftware applications
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
8134 ADLISWIL
Switzerland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.