FailSafe Secures Over 169 Million Wallets in Strategic Partnership with The Binary Network

FailSafe selected to secure The Binary Network, a Web3 distribution layer protocol, aiming to enhance security for millions of wallets by telco users.

SINGAPORE, SINGAPORE, SINGAPORE, November 7, 2024 /EINPresswire.com/ -- FailSafe¹, a leading blockchain cybersecurity company, has announced a strategic partnership with The Binary Network (TBH), a Web3 distribution layer protocol, to integrate its advanced Firewall solution. This partnership is a significant step towards enhancing security across The Binary Network’s vast user base, which includes over 169 million wallets primarily used by telecommunications customers. The integration aims to provide a secure, trusted environment for decentralized applications (dApps), developers, and end users, strengthening the security of the rapidly expanding Web3 ecosystem.

Elevating Security Standards for Web3 and Mass Adoption

The Binary Network operates as a critical distribution layer for Web3, bringing dApps and ecosystems directly into telecommunications applications. This approach enables exposure of Web3 solutions to a massive global audience that benefits from an easy, accessible connection to blockchain technology. TBH’s user base, which spans 169 million active users, demonstrates a solid commitment to the adoption of Web3 by providing scalable, secure infrastructure that’s necessary for broader public use. The integration of FailSafe’s security protocols is a significant development in their mission, as it addresses one of the most pressing barriers to Web3 adoption — security.

FailSafe, renowned for its multi-layered security protocols, will deploy its Firewall solution across The Binary Network. This strategic partnership is designed to protect against threats such as unauthorized access, hacks, and malicious activities, ensuring safe interaction for both developers and users within The Binary Network. By reinforcing transaction integrity across the network, FailSafe and The Binary Network are taking meaningful steps to bolster user trust, a crucial factor for broader adoption of Web3 technologies.

“Our partnership with FailSafe is a milestone in our mission to create a safe, seamless experience for our users,” said Manit Parikh, Founder and CEO of The Binary Network. “FailSafe’s robust security infrastructure not only protects our network but also builds user trust, which is key to driving adoption and engagement in Web3.”

FailSafe Firewall: A Comprehensive Security Solution

The FailSafe Firewall solution brings several key security features to The Binary Network, empowering both users and administrators with robust tools to mitigate risks:
• Whitelist and Blacklist Management: The system enables administrators to manage trusted and untrusted addresses, significantly reducing fraud and unauthorized access.
• Geolocation and IP Restrictions: Transactions can be restricted by geographic region or specific devices, providing another layer of control over network access.
• Lock Mode: This feature allows user assets to be temporarily “locked” in the event of suspicious activity, preventing unauthorized transfers and ensuring asset security.
• Time-Based Restrictions: The Firewall can limit transactions to specific timeframes, reducing the risk of unauthorized access during vulnerable periods.
• Payment Controls: Daily and monthly spending limits, withdrawal thresholds, and per-asset policies empower users and administrators to define the precise parameters of financial interactions, limiting exposure to potential risks.

“With the FailSafe Firewall integrated across The Binary Network, we’re setting a new standard for Web3 security. This partnership allows us to bring multi-layered protections to millions of users, aligning with our mission to make Web3 as secure and reliable as traditional finance,” said Aneirin Flynn, CEO of FailSafe. “Our collaboration with TBH reflects our commitment to innovation and demonstrates that high security and accessibility can coexist harmoniously.”

Mass Adoption Through Enhanced Security

As The Binary Network continues to provide a streamlined distribution layer for Web3, the safety and security of its extensive user base are paramount. Integrating FailSafe’s advanced cybersecurity features raises the bar for security standards within the Web3 space, fostering a trusted environment where developers and users can engage confidently. This fortified security approach by TBH sends a clear message: Web3 can indeed match traditional finance in terms of user protection and reliability.

With FailSafe’s cutting-edge technology in place, The Binary Network is now able to offer secure, reliable infrastructure to its partners — from telecommunications companies and dApp developers to other enterprise clients. This ensures that each project can operate securely, fostering a supportive environment where innovation can thrive. By strengthening its security framework through FailSafe’s solutions, The Binary Network is advancing its omni-chain protocol, ensuring that every dApp and blockchain project has access to the user base they need, backed by robust security protocols.

About The Binary Network (TBH)

The Binary Network,

Aneirin Flynn
FailSafe
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¹ http://www.getfailsafe.com