Crypto Wallet Provider Blockchain Hires Former U.S. Secret Service Director

Omar Faridi
  • Blockchain Ltd. appointed former U.S. Secret Service deputy assistant director George Sax as head of global security.
  • Sax was previously in charge of securing the United States’ “financial infrastructure.”

George Sax, former Deputy Assistant Director of the U.S. Secret Service, was recently appointed global head of security at UK-based crypto firm Blockchain Ltd. The U.S. Secret Service operates within the Department of Homeland Security, a governmental body focused on combating terrorism.

Before joining Blockchain, Sax managed the Secret Service’s Investigations department and was in charge of security during the U.S. presidential elections in 2016. Blockchain reportedly chose the security executive because of crypto users’ increasing concerns about digital asset exchanges still being vulnerable to hackers.

Developing Blockchain’s “Security Philosophy”

Notably, Sax has over 25 years of experience working as a security expert and his duties have included ensuring the safety of U.S. citizens. The team at Blockchain noted that Sax recently led a global team of more than 2,000 investigators in uncovering financial crimes orchestrated over the internet.

Sax had also been tasked with securing the United States’ “financial infrastructure”, which involved implementing “comprehensive” cybersecurity measures. Now, as global head of security at Blockchain, the specialist will further develop the crypto wallet provider’s “security philosophy” by “focusing on operations, infrastructure, and product security.”

He will also draw on his extensive experience in “physical and personal security” to help Blockchain Ltd. create a more secure and trusted platform for its users. Peter Smith, Blockchain’s CEO and co-founder, stated:

George is a recognized security leader with decades of valuable experience protecting the most important people, infrastructure and systems in the United States. We are proud to welcome him to Blockchain and for him to lead our security efforts as we continue to make crypto safe and easy to use for everyone.

Peter Smith

Managing Security At “High-Risk Events”

During his career, Sax has been in charge of the “executive protection” of several American Presidents, including the security and safety of their families. Additionally, he has managed the security of “high-risk events” such as the U.S. presidential inauguration in 2017.

Currently, Blockchain Ltd offers support for over 26 million cryptocurrency wallets belonging to users in 140 different countries. By using the popular wallet, users can buy, sell, and store cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).

The team at Blockchain noted the company now has more clients than established American brokerage firms like Charles Schwab. Sax’s recent appointment as head of security appears to be part of the company’s ongoing efforts to expand its operations. The firm recently launched Blockchain Principal Strategies (BPS), a product for institutional investors.

Venezuela's Petro Has Over 27,000 ‘Affiliated Businesses’, Nicolas Maduro Claims

Venezuela’s President Nicolás Maduro has recently stated the country’s oil-backed cryptocurrency, the Petro, has over 27,00 ‘affiliated businesses’ which could mean the government’s push for its adoption is working.

Speaking during a program led by local journalist José Vicente Rangel, Nicolás Maduro revealed the number is expected “to double in the coming months,” presumably as the Venezuelan government keeps pushing for Petro’s adoption.

Earlier this month, it made it legal to buy and sell cars and real estate using the oil-backed cryptocurrency. It’s worth noting, however, last month a Venezuelan official claimed the Petro was accepted as a payment method at 93 stores in the country thanks to a new payments gateway called PetroPago.

During the program he also said the country’s retirees and pensioners will be receiving their Christmas bonuses in Petros, and that the government will “active new protection mechanisms with the Petro.”

Nicolás Maduro further added the country is looking to “defend the bolivar” but will evaluate how “a dollarization process can be used to achieve economic recovery.” He clarified, however, Venezuela will “always have the bolivar as its currency.”

Maduro added the country’s cryptocurrency helped it against the “economic war” supposedly being fought against it, and seemingly mentioned he’s aware of the growing popularity other cryptocurrencies have in the country:

We have achieved the slowdown of the economic war through the self-regulation of the economy. With this self-regulation of the economy, other actors have begun to operate with their own currencies.

As CryptoGlobe reported, bitcoin cash (BCH) recently surpassed bitcoin (BTC) as one of the most popular cryptocurrencies in Venezuela, at a time in which Dash LatAm, an organization promoting Dash in the Latin America region, shut down due to a lack of funds.

The Petro itself was a cryptocurrency the Venezuelan government launched last year and sold to investors, accepting cryptocurrencies as a payment method for the tokens. According to critics the Petro’s sale was used as a way for Venezuelan to bypass international sanctions and obtain foreign currency.

Featured image by pedrucho on Pixabay.