Bullet Blockchain, Inc., a leader in blockchain and Bitcoin ATM technologies, has signed a Memorandum of Understanding (MOU) with Sailo Technologies CY Ltd., a cybersecurity firm based in Cyprus. This strategic collaboration positions Bullet Blockchain as the exclusive partner for Sailo Technologies’ advanced cybersecurity services within the Bitcoin ATM sector in the United States. The partnership aims to revolutionize the security standards for Bitcoin ATMs, offering enhanced protection for cryptocurrency transactions.
Introducing Cutting-Edge Cybersecurity Solutions
The collaboration between Bullet Blockchain and Sailo Technologies marks the introduction of a groundbreaking crypto wallet protection service that includes a money-back guarantee. Sailo Technologies specializes in providing assurance-based coverage for blockchain transactions, as well as real-time protection for digital wallets. By integrating these security protocols into Bitcoin ATMs, the partnership seeks to establish a new benchmark for trust and safety in the cryptocurrency industry, ensuring users’ transactions and digital assets are secure.
This collaboration focuses on addressing the growing concern of unauthorized access and cyber threats in the cryptocurrency space. With Sailo Technologies’ innovative solutions, the partnership aims to significantly enhance the protection of Bitcoin ATM users and their digital assets, creating a safer environment for cryptocurrency transactions.
Wallet Insurance Offers Added Financial Protection
In addition to the cybersecurity enhancements, Bullet Blockchain will introduce an exclusive crypto wallet insurance plan for Bitcoin ATM users, offering coverage of up to $150,000 per wallet. This initiative adds an extra layer of financial protection for users, further solidifying Bullet Blockchain’s commitment to improving security within the cryptocurrency space.
Bullet Blockchain’s CEO, Simon Rubin, expressed that this partnership would mark a major advancement in the effort to secure Bitcoin ATM transactions. He noted that the integration of Sailo Technologies’ cybersecurity expertise with Bullet Blockchain’s patented technologies would set a new standard for protecting users’ crypto wallets. Rubin emphasized that the collaboration represents the company’s dedication to safety and innovation within the digital asset industry.
Rising Threats in the Cryptocurrency Industry
Recent reports highlight the increasing risks faced by the cryptocurrency sector due to cyberattacks. In 2022, hackers stole a record $3.8 billion in crypto assets, marking a 15% rise from the previous year. Additionally, the Federal Trade Commission (FTC) reported a significant surge in Bitcoin ATM scams. Consumer losses from these scams grew nearly tenfold between 2020 and 2023, totaling over $110 million. In the first half of 2024, losses exceeded $65 million, with individuals over the age of 60 being disproportionately affected. Scammers often impersonate government officials, businesses, or tech support to create a sense of urgency, leading victims to withdraw funds and deposit them into Bitcoin ATMs, unknowingly transferring money to scammers’ cryptocurrency accounts.
Expanding Licensing and Intellectual Property Portfolio
Bullet Blockchain continues to strengthen its position in the Bitcoin ATM market through its licensing initiatives. The company offers a range of partnership models, including transaction-based fees and revenue-sharing opportunities centered around its intellectual property. In a previous announcement, Bullet Blockchain revealed its acquisition of First Bitcoin Capital LLC, which held a valuable portfolio of Bitcoin ATM patents. This acquisition grants Bullet Blockchain exclusive rights to key technologies, including US Patent Nos. US9135787B1 and US10332205B1. These patents are essential for the operation of Bitcoin ATMs and networks, providing Bullet Blockchain with a significant competitive advantage in the growing cryptocurrency sector.
Through its innovative partnership with Sailo Technologies and its expanding portfolio of intellectual property, Bullet Blockchain is positioning itself as a leader in the Bitcoin ATM and cryptocurrency security space. The company is committed to enhancing user trust and safety, driving the evolution of secure and reliable cryptocurrency transactions.
