Cyvers and Station70 Team Up to Launch Industrial-Grade Transaction Security Solution for Web3

The new solution, Secure Signers, aims to create better protection around institutional cryptocurrency transfers, according to an announcement shared exclusively with Cointelegraph.

Cyvers, a Web3 security company, has joined forces with Station70 to introduce Secure Signers, the first industrial-grade transaction security solution. This move aims to address a critical vulnerability that has resulted in $4 billion in losses and bolster institutional trust in the crypto space.

The recent hacks on BTCTurk and BingX, which led to the theft of $54 million and $52 million, respectively, highlight the urgent need for more robust transaction signing systems. These mounting attacks prompted Cyvers to develop Secure Signers, according to Deddy Lavid, CEO of Cyvers.

In an exclusive statement to Cointelegraph, Lavid said:

Cyvers partners with Station70. Source: Cyvers

The RWA unlocks new opportunities in the $700B reinsurance market

The RWA-powered marketplace allows investors to stake capital and actively influence the performance of tokenized insurance pools.

Nayms, a crypto-native marketplace, has announced the introduction of the NAYM token to enable decentralized governance, staking and greater participation in tokenized insurance programs.

The global reinsurance market, valued at over $700 billion, plays a critical role in stabilizing the broader insurance industry by covering risks for primary insurers. Traditionally, this market has been a closed-off space, accessible only to large institutional investors due to high capital requirements and complex regulatory environments.

However, the rise of real-world asset (RWA) tokenization can potentially transform the landscape. By converting tangible assets, like insurance risk, into digital tokens on the blockchain, RWA tokenization democratizes access, allowing a wider range of investors to participate. This innovation promises greater liquidity, transparency and efficiency in a once-exclusive market.

Unlocking access to reinsurance through RWA tokenization

Nayms, a crypto-native (re)insurance marketplace that leverages RWA tokenization to open the doors of the reinsurance market to a broader audience, is at the forefront of this transformation. By creating an onchain marketplace where insurance risks can be tokenized and traded, Nayms allows capital providers of all sizes — from high-net-worth individuals to institutional investors — to participate in insurance syndicates.

Access control vulnerabilities are emerging as one of the biggest threats to Web3 security, having cost the industry $4 billion in losses over the past three years, according to Cyvers. Moreover, cyberattacks against centralized entities and wallets surged by over 1,000% in 2024, highlighting the need for more robust security threat detection.

Related: Chinese trader laundered more than $17M for Lazarus Group in 25 hacks

Secure Signers could bring more TradFi institutions into crypto: Cyvers

Secure Signers integrates Cyvers’ real-time threat detection system with Station70’s co-signer-as-a-service tool, enabling Fireblocks wallet users to proactively scan and validate transactions for security risks before they are executed on the blockchain.

The new security solution aims to increase institutional trust in cryptocurrency solutions, especially among traditional finance (TradFi) firms that are hesitant to invest in digital assets due to the security vulnerabilities.

Institutions will benefit from the partners’ enhanced transaction security, real-time threat interception and simplified integration with TradFi workflows and protocols, said Cyvers’ Lavid:

Related: Bitcoin ETFs are next major target for North Korean hackers — Cyvers

Cyvers is one of the leading onchain security firms, utilizing artificial intelligence algorithms to make the crypto industry safer.

During an interview with Cointelegraph, Cyvers’ vice president of GTM strategy, Michael Pearl, revealed that Cyvers’ algorithms detected the fraudulent smart contract for the WazirX hack, which led to the theft of $230 million, eight days before the cyberattack took place.

The silent guardians of Web3 security: A conversation with Cyvers

Magazine: 2 auditors miss $27M Penpie flaw, Pythia’s ‘claim rewards’ bug: Crypto-Sec

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