Renditon of Qtum’s blockchain satellite, which is collaborating with SpaceChain. Photo: Qtum Foundation.

Open-source blockchain-focused company SpaceChain signed a partnership with Biteeu DCX OÜ (Biteeu), the Global Virtual Currency Exchange powered by Bittrex. The partnership focuses on enhancing the security and data protection through space-based storage solutions.

Biteeu is a fully licensed and compliant cryptocurrency exchange in the European Union (EU). Biteeu will be backing up their data on SpaceChain’s blockchain-enabled satellite payloads, making them the first cryptocurrency exchange to do so. SpaceChain launched two blockchain-enabled satellite payloads in 2018 and completed the first Qtum space transaction in early 2019. They have been focusing on increasing the security of public blockchain with multi-signature transaction creation and decreasing the likelihood of physical attack vectors by placing blockchain-enabled satellite payloads into Low Earth Orbit (LEO). As part of the partnership, Biteeu is utilizing SpaceChain satellite capabilities to back up all its data and upgrade security for its customers.

“Never before has space been so close and accessible. But, thanks to SpaceChain’s out-of-scope vision and breakthrough technology, Biteeu aims to become the first cryptocurrency exchange in the world to backup daily operational and clientele data in low earth orbit. The partnership with SpaceChain will mark a new era of enhanced data protection for Biteeu virtual currency exchange and will set new standards for other players on the market,” said Shukhrat Ibragimov, chairman of Biteeu.