The Blockchain Security Standards Council (BSSC) announced its formation as a critical initiative to establish and enforce security standards for the blockchain industry.
Founding members include Anchorage Digital, Bastion, Coinbase, Figment, Fireblocks, Kraken, Ribbit Capital, and Sentinel Global.
Technical audit firms Halborn and OpenZeppelin are also part of the founding member group.
In 2024 alone more than one hundred security exploits “to the crypto industry emphasize the need for BSSC’s formation.”
The BSSC’s initial work of establishing standards and companion audit schemes “will help create a baseline level of trust and confidence across the various aspects of the blockchain ecosystem at an important time for the industry’s maturation.”
BSSC Executive Director Greg Kohn said:
“We are deeply confident that taking even the first steps in getting the blockchain industry aligned on foundational security practices will make a significant difference. When we look at many of the well-publicized incidents over the past couple years, if they had even some of the basic protections in place, losses could probably have been avoided.”
Aside from its standards efforts, BSSC plans “to engage with regulators and policymakers to apprise them of their work and collaborate on ways to best protect consumers while continuing to nurture innovation across the blockchain ecosystem.”
The BSSC also intends to enlist “more member organizations over the coming months.”
Its goal is to publish its initial standard and “launch the accompanying audit scheme by year-end 2024.”
Anchorage Digital CEO and Co-founder, Nathan McCauley, said:
“More than ever, nascent protocols and blockchains need support in secure code and auditing practices, growth and adoption depend on it, and that’s why we’re joining the BSSC to collaborate as an industry towards a safer tomorrow.”
Kraken Chief Security Officer, Nick Percoco:
“Establishing voluntary security standards is a critical component of crypto’s maturation. Industry players collaborating to build a stronger overall ecosystem can only help in driving confidence in the overall asset class. Kraken is proud to play its part in designing these standards that the industry will adhere to.”
Shahar Madar, Vice President, Security & Trust Products, Fireblocks said:
“As security threats evolve alongside industry growth, it’s imperative that our defenses adapt even faster. Through this collaborative effort, Fireblocks is committed to supporting a new benchmark for security, ensuring that blockchain technology can fulfill its promise with confidence and resilience.”
The Blockchain Security Standards Council (BSSC) is “a nonprofit organization dedicated to enhancing the security of blockchain systems and the digital assets on them.”
The BSSC develops security standards and “an audit framework to protect the integrity and continued growth of the blockchain ecosystem.”