A brand new encryption-as-a-service firm raised $Three million to deliver standardized encryption methods to the blockchain.
Data privateness startup StrongSalt introduced Thursday the closing of a seed spherical from Valley Capital Partners. Backed by three encryption-related patents, StrongSalt will launch its API product later this 12 months on the AWS re:Invent 2019 convention in Las Vegas, Nevada.
StrongSalt “bakes” its encryption service into workflows and purposes and pairs with each permissioned and permissionless blockchains.
“StrongSalt is chain-agnostic, as we can work with almost any blockchain,” StrongSalt CEO Ed Yu advised CoinDesk. “We use blockchain mainly for three reasons: availability of data, reliability of data and shareability of data.”
Yu advised CoinDesk blockchain expertise is used for the safety of sharing hashed knowledge on the platform in addition to with clients.
Raymond Choi of Valley Capital Partners stated companies want reliable safety mechanisms, one thing that StrongSalt addresses. Said Choi:
“Currently, businesses have to sacrifice security for usability. Because StrongSalt’s innovative platform allows for complete data searchability without giving up sensitive information, it’s taking the stress off data management from businesses who can ill afford to drop the ball from being hacked.”
Valley Capital’s Steve O’Hara, who will likely be becoming a member of the StrongSalt board, stated the present regulatory surroundings was the impetus for investing within the firm.
“As the regulatory environment ramps up enforcement and forces business to conform to tightening laws, businesses won’t have an easy out if the technology isn’t viable or cost-effective,” O’Hara stated in an announcement.
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