Uppsala Security, a provider of security tools and services for Crypto AML/CTF, Transaction Risk Management, Regulatory Compliance, Transaction Tracking, and Cyber Security, has announced the signing of a business agreement with CAMO LABEL, an NFT studio, “focused on strengthening the security of digital assets (including NFTs).”
Uppsala Security claims that it is the first digital asset security company in South Korea “to operate a blockchain-based crowdsourcing intelligence security platform, Sentinel Protocol, and the Cryptocurrency Incident Response Center (CIRC), a virtual asset damage response center.”
Via the signing of the MoU, CIRC plans “to expand its service base.”
As noted in a blog post, CAMO LABEL issued “the first celebrity PFP in South Korea, being active as an NFT studio, and has a history of conducting the first movie-based NFT project in South Korea.”
After releasing COZOM, its own membership NFT, the CAMO LABEL team is “preparing to follow-up NFT projects in various fields, including the feature of the celebrity Hong Seok-cheon and Crypto Guy.”
The two firms plan to jointly respond to security incidents that “are currently raising problems in the digital assets and NFTs industries.”
In particular, in the case of NFTs, this problem has “recently emerged, and cases that led to hacking have been observed when NFTs were sent to a digital asset wallet address either by being sold or simply transferred.”
Due to the fact that NFTs are a relatively new topic that gained enormous popularity over the recent year, there is still “a strong lack of security solutions, response policy or education.”
Uppsala Security has decided to join CAMO LABEL “to help digital asset holders, including NFTs, to prevent, respond and cooperate when facing such incidents.”
CAMO LABEL plans to provide some CIRC licenses “to upcoming projects, and is set to improve the usability of NFTs through such membership functions.”
An official from Uppsala Security said:
“While various incidents have recently occurred in the NFT market, the response is still not well known. The education and response to NFT security incidents as well as cryptocurrencies should be diligently spread across the worldwide community. While the general public still has doubts about the essential value of NFTs, we are confident that we can set a good precedent with the NFT membership function.”
As mentioned in a release, CAMO LABEL is a NFT studio which aims “to build a persistent and healthy ecosystem.” For this objective, the team is “concentrating on how to put value and creativity in NFTs by trying various attempts for its purpose.”
The team launched what they claim is “the first celeb based NFT in South Korea and also issued the first NFT movie.” Now, they are “actively working on new attempts with interactive NFT and various IPs.”
As covered, Uppsala Security built Sentinel Protocol, which is reportedly “the first crowdsourced Threat Intelligence Platform powered by artificial intelligence, blockchain technology, and machine learning.”
Supporting the framework is “a team of experienced cybersecurity professionals who have developed an award-winning suite of advanced tools and services for Crypto AML/CFT, Transaction Risk Management (KYC/KYT), Transaction Tracking, Regulatory Compliance, and Cybersecurity enabling organizations of every type and size to protect their crypto assets from malicious attacks and scams while meeting stringent regulatory compliance standards.
Uppsala Security claims that it has more than 2,000 users “including government agencies, financial institutions and leading enterprises providing crypto exchanges, payment services, wallets, custodial services, gaming, and fintech solutions.”
Uppsala Security is headquartered in Singapore, and has branch offices “in Seoul, South Korea and Tokyo, Japan.”