$1.8 Trillion in Crypto is at Risk; Station70 Fixes That
Station70 secures seed funding from Castle Island Ventures, Notation Capital, Fireblocks, Semantic Ventures, SCB 10X and CoinShares
NASHVILLE, Tenn., April 02, 2024 (GLOBE NEWSWIRE) — Station70, a disaster recovery infrastructure platform, today announced it secured a $5 million seed round and has officially launched Bunker, the first of its product suite focused on trusted recovery for institutional firms in the cryptocurrency industry. Matt Walsh and Nic Carter of Castle Island Ventures led the seed round with other investors including Fireblocks, Notation Capital, Semantic Ventures, SCB 10X and CoinShares.
Station70’s Trusted Recovery products enable clients to backup and recover their keys in a way that is zero-knowledge to Station70, meaning it will not recover assets unilaterally and the assets stay within the sole control of the owners. Bunker is Station70’s digital asset key backup and recovery solution that is agnostic to protocols, blockchains, and wallet providers offering flexible tiering options based on clients’ needs.
Bunker enables geographically diverse storage options for backup keys to streamline firms’ regulatory compliance globally. All tiers of Bunker include:
- geographically configurable backup and recovery of private keys,
- beyond industry standard security and cryptography,
- integration with leading institutional wallet providers,
- read-only auditor and regulator access configurable by the customer,
- failover wallets to minimize single counterparty risk
“Right now there are over $1.8 trillion1 in digital assets held in self-custody, and very few firms have a comprehensive system in place to manage disaster recovery and business continuity of their self-custodied assets – third party wallet-as-a-service providers do not offer a robust solution natively to solve this. This is ultimately an existential risk to the industry as a significant amount of assets remain vulnerable today,” said Adam Healy, CEO and Co-founder of Station70. “Having seen this problem first-hand after 7 years in crypto and hundreds of conversations across the industry, Dr. Everspaugh and I built Station70. Security must be a core competency for the industry to truly reach mainstream and without the detailed knowledge required, institutional players are at risk of losing their clients’ assets. In the simplest terms, Station70 protects all self-custody assets with 5 clicks.”
“Custody and key management are critical infrastructure categories in the digital asset industry. Castle Island has doubled down on investing in organizations that prioritize a secure user experience. Station70’s entrance, especially in this rapidly institutionalizing market, is materially additive to the digital asset space and brings a wealth of cryptographic knowledge to protect and recover assets,” said Matt Walsh, Founding Partner at Castle Island Ventures.
“Fireblocks continues to see institutions of all sizes leverage our platform to enable self-custody in a scalable, secure and resilient way. Key backup and recovery is a core part of any institution operating responsibly in the industry and we are excited to see Station70 come to life. We look forward to working with Adam Healy and Adam Everspaugh on building new capabilities to drive trust and responsibility industry-wide,” said Michael Shaulov, CEO at Fireblocks.
About Station70
Headquartered in Nashville, TN, Station70 offers a resilient, wallet-agnostic platform for scalable and secure digital asset key backup and recovery. Designed to meet security and regulatory requirements of the evolving global digital asset industry with hosting options in numerous jurisdictions. Adam Healy, former CISO at Bakkt and BlockFi, and Dr. Adam Everspaugh, former cryptographer at Coinbase, built Station70 with the vision to solve many of the problems they see continually plaguing the institutional digital asset industry. Starting with Bunker, Station70 will offer a disaster recovery and business continuity platform for firms using self-custody wallet providers such as Fireblocks with additional wallet integrations coming this year.
About Castle Island Ventures
Castle Island Ventures is focused exclusively on public blockchains. Investing in infrastructure and application companies that will enable these transformative protocols to power services for the next billion users. Castle Island believes that permissionless blockchains represent a new form of politico-economic institution that will fundamentally alter market structures and spawn entirely new industries.
Contact
Inquiries can be directed to media@station70.com.
1 Coinmetrics @ 3/25/24; hhttps://charts.coinmetrics.io/crypto-data/
