Kraken and Core Scientific Form Key Partnerships to Advance Blockchain Security and Mining

Kraken and Core Scientific Form Key Partnerships to Advance Blockchain Security and Mining

By: Eva Baxter

Kraken announced its co-founding of the Blockchain Security Standards Council (BSSC) alongside several other major industry players. This nonprofit organization aims to create uniform security standards across the crypto industry, tackling threats like fraud, nation-state cyberattacks, and protocol exploitation. The council's mission includes developing consensus-driven security benchmarks and a rigorous audit process by 2024, intending to enhance trust in digital assets.

Key council partners include Kraken, Coinbase, Anchorage Digital, and Fireblocks, among others. Kraken's Chief Security Officer, Nick Percoco, emphasized the importance of voluntary security standards for the maturation of the crypto industry. The BSSC also plans to work closely with regulators and policymakers to balance consumer protection with innovation.

The creation of the BSSC reflects Kraken's ongoing commitment to robust security measures. The initiative aligns with its prior efforts, such as the Crypto Information Sharing and Analysis Center (ISAC), which promotes the sharing of insights and best practices across the crypto sector to mitigate cybersecurity risks.

Meanwhile, Core Scientific has entered into a significant agreement with Block Inc. to integrate Block's new 3-nanometer mining ASICs. This collaboration seeks to decentralize Bitcoin mining hardware and enhance innovation within the ecosystem. Block's Proto team developed these advanced chips, which will provide Core Scientific with approximately 15 EH/s (exahashes per second) of hashrate.

This partnership is notable for being one of the largest ASIC deals in the Bitcoin mining industry by hashrate. Core Scientific's Chief Development Officer, Russell Cann, highlighted the technology's potential in supporting substantial hashrate growth. Block, led by the Proto team, aims to increase the decentralization, transparency, and resiliency of the Bitcoin network through the open development of mining chips, systems, and software solutions.

Furthermore, Core Scientific has recently announced the mandatory conversion of its outstanding Secured Convertible Notes due 2029, eliminating $260 million of debt. This financial maneuver, triggered by strong business momentum and share trading performance, strengthens the company's balance sheet and operational capabilities.

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