Crypto exchanges Kraken and Coinbase, alongside blockchain firms like Fireblocks, have formed the Blockchain Security Standards Council (BSSC) to tackle emerging security threats. Announced on Wednesday, the council aims to develop uniform security standards by the end of 2024.
The BSSC’s founding team includes notable names like Anchorage Digital, Bastion, Figment, Halborn, OpenZeppelin, Ribbit Capital, and Sentinel Global. This initiative seeks to address threats such as fraud, nation-state attacks, and contract exploitation.
In addition to security, the council plans to collaborate with regulators to create unified standards that protect consumers and foster innovation. Notably, this isn’t Coinbase and Kraken’s first foray into forming councils; in 2019, they co-founded the Crypto Ratings Council.
The strategic formation of the BSSC underscores the industry’s commitment to enhancing security and consumer confidence in the evolving crypto landscape.
