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Crypto.com Leverages Amazon's AWS Cloud To Enhance Scalability and Security

As the cryptocurrency market enters a period of high volatility, a major cryptocurrency platform, Crypto.com will now leverage Amazon Web Services, Inc (AWS) cloud provider to provide enhanced scalability and security for its 5 million users.

Amazon Web Services, Inc. (AWS), an Amazon.com company (NASDAQ: AMZN), today announced that Crypto.com, the world’s first cryptocurrency platform to achieve privacy certification (ISO 27701) and PCI:DSS compliance, has selected AWS as its preferred cloud provider.

By leveraging AWS, Crypto.com will be able to quickly scale to offer financial services beyond its existing user base of more than five million customers around the globe. As one of the largest cryptocurrency companies in the world, Crypto.com provides an alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet.

AWS is currently the world’s leading cloud platform, which will allow Crypto.com to benefit from the extensive scalability of AWS’s global infrastructure and services designed to meet the most exacting standards for security and compliance, and provides a seamless experience for its rapidly growing global customer base.

According to Crypto.com, the cryptocurrency firm integrates security practices within its DevSecOps framework to factor security into every element of its applications, platform, and infrastructure. By using AWS Trusted Advisor, a tool that provides real-time guidance to help provide resources following AWS best practices for security and performance, the company should be able to detect potential security gaps and receive recommendations for improvement.

Matthew Chan, CIO at Crypto.com said in the release shared with Blockchain.News:

“We choose to build our products and services on AWS because of its proven operational and security expertise. AWS’s dedication to providing secure and reliable cloud services helps us to deliver stable and secure services to our customers.”

AWS Transit Gateway

Crypto.com is also using AWS Transit Gateway, a service that enables customers to connect thousands of Amazon Virtual Private Clouds (Amazon VPCs) and their on-premises networks using a single gateway, to support the company’s inter-region peering to ensure all network traffic is encrypted and to help protect against denial of service (DDoS) attacks and common exploits. Additionally, by leveraging the Amazon cloud provider’s reliable and secure infrastructure, Crypto.com will be better able to address the evolving data residency regulations across the globe.

Crypto.com is scaling on AWS to support rapid growth in its customer base and meet periods of high market volatility when usage can spike eight times larger than the company’s typical peak load. By using AWS Auto Scaling, Crypto.com maintains steady and predictable performance at the lowest possible cost with the ability to automatically adjust capacity and scale instances in minutes.

By building on AWS, Crypto.com manages usage spikes without compromising user safety or security and provides customers with a reliable customer experience. To provide a stable and scalable platform for its customers, Crypto.com uses Amazon Elastic Container Service (Amazon ECS), a highly secure, reliable, and scalable way to run containers, and Amazon Elastic Kubernetes Services (Amazon EKS), the most trusted way to run Kubernetes, to easily launch and scale its new features and services. All of this allows the company’s engineers to focus on developing new offerings for Crypto.com’s customers rather than managing infrastructure.

“Our customers choose AWS because we meet the most stringent security and compliance requirements,” said Robert Wang, Managing Director of AWS Hong Kong and Taiwan. “We look forward to continuing to support Crypto.com with our unmatched breadth and depth of services and the most proven operational and security expertise, enabling them to provide a seamless experience to their millions of users around the globe.”

Kompute Seeks to be the “AWS” of Decentralized Cloud Computing

Kompute, a blockchain company based in Estonia, intends to render significant control and anonymity in cloud computing through a decentralized model explicitly created for Web3.

In a statement, Xabier Almazor, Kompute’s CEO, pointed out:

“AWS, GCP, and many other big names are the leaders in centralized cloud computing; the problem is they control the users’ data, access to computing power, and privacy.”

Dubbed the “AWS” of Web3 economy, Kompute has launched a decentralized cloud computing model powered by the Ethereum (ETH) network with the off-chain layer running on Kubernetes.

Therefore, the decentralized infrastructure is meant to propel low-cost, reliable, and scalable cloud computing services.

Kompute will also connect cloud service consumers with resource providers for revenue generation. Per the announcement:

“Every transaction on the network is enforced by smart contracts and recorded on the blockchain. Only authorized actions are allowed against the blockchain, so code and data integrity are guaranteed.”

“There are multiple layers of confidentiality to protect intellectual property. Network providers are incentivized to provide resources and keep the network safe,” the report added.

Based on an autonomous and trustless network, Web3 continues to gain steam because it is seen as the future of the internet.

Earlier this year, Google assembled a team to create services for developers in the Web3 ecosystem through its cloud unit, Blockchain.News reported.

Google sought to tap the potential presented by the crypto space, given that Web3 Pioneers have developed peer-to-peer and decentralized systems to transform the internet.

Meanwhile, InfiniteWorld, a Web3, and metaverse infrastructure company, recently acquired Super Bit Machine to provide best-in-class experiences in the metaverse and Web3 worlds by incorporating multiplayer and real-time game development abilities.

Fireblocks Strengthens Support for Banking & Financial Institutions

Fireblocks, a leading enterprise platform for managing digital asset operations and fostering blockchain-based innovations, has announced the expansion of its secure MPC-CMP wallet and key management technology. The expansion includes the integration of support for Hardware Security Modules (HSMs) as well as public and private cloud services from Thales, Securosys, AWS, GCP, and Alibaba Cloud. This development allows banks and financial institutions to leverage Fireblocks’ robust security measures and cutting-edge technology stack to expedite their digital asset initiatives while adhering to risk, compliance, and regulatory requirements.

Fireblocks has established itself as a trusted partner for globally recognized banks and financial institutions, including BNY Mellon, BNP Paribas, ANZ Bank, NAB, ABN AMRO, BTG Pactual, Tel Aviv Stock Exchange, and SIX Digital Exchange. These esteemed institutions have leveraged Fireblocks’ solutions to create new digital asset custody, trading, clearing, and settlement services. They have also utilized Fireblocks for tokenization of various financial products, such as tokenized fiat, central bank digital currencies (CBDC), and carbon credits.

Tel Aviv Stock Exchange’s EVP and Head of Clearing, Orly Grinfeld, expressed their satisfaction with Fireblocks, citing the successful deployment of their digital treasury bond initiative, Project Eden, in just five months. Grinfeld highlighted Fireblocks’ ability to meet their compliance and security requirements while efficiently streamlining the operations involving primary dealers, including renowned international banks such as Goldman Sachs, Deutsche Bank, and JP Morgan.

To ensure seamless integration into existing IT infrastructure and security policies of financial institutions, Fireblocks now offers expanded support, including:

HSM support with an open interface, enabling utilization of leading providers like Thales and Securosys, among others.
Enhanced support for cloud-based secure enclaves, including AWS Nitro, GCP, and Alibaba Cloud SGX, in addition to existing support for Azure SGX.
The capability to host all MPC key shares across multiple servers in on-premises data centers and cloud environments.
New cloud data centers in the European Union, Switzerland, and Hong Kong, complementing Fireblocks’ existing cloud data centers in the United States.
Dedicated single-tenant cloud environment for increased security.

Fireblocks’ collaboration with BNY Mellon also emphasizes their commitment to digital asset innovation. Sarthak Pattanaik, CIO of Digital Assets, Treasury Services, Clearance and Collateral Management at BNY Mellon, expressed their enthusiasm for leveraging Fireblocks’ services to address the needs of their institutional clients.

Michael Shaulov, Co-founder and CEO of Fireblocks, emphasized the business-centric approach taken by Fireblocks since its inception. Shaulov highlighted the company’s understanding of risk requirements at an architectural level, enabling them to expedite customers’ transition from proof-of-concept to production. Over the past three years, Fireblocks has successfully facilitated the entry of 50 banks into the digital asset space, showcasing their dedication to providing optimal infrastructure support for banks and financial institutions entering the market.

Fireblocks offers various components that contribute to the success of banks and financial institutions in launching digital asset products. The Fireblocks Network serves as a vital foundation, connecting a wide consortium of regulated financial institutions that have integrated digital assets on the blockchain. This connectivity grants immediate access to exchanges, market makers, and other distribution partners, such as private banks and fintech platforms. Fireblocks APIs facilitate seamless integration with leading core banking systems like Temenos, Avaloq, and FIS, expanding the ecosystem’s reach.

Additionally, Fireblocks’ tokenization capabilities enable end-to-end lifecycle management of tokenized assets, encompassing smart contract management, minting and burning, distribution, and custody across public, private, and permissioned blockchains. This grants banks full control over their digital assets during interactions with counterparties. The platform’s powerful Policy Engine further enhances security by allowing owners to govern workflows within the Fireblocks console, mitigating internal collusion, human error, and external attacks. Compliance partners can also be integrated directly into the Policy Engine, automating transaction screening workflows to meet evolving regulatory requirements and address industry threats.