DGAP-News: Oxygen: Oxygen Strikes Agreement with Leading Cybersecurity Firm Kudelski Security

Oxygen Strikes Agreement with Leading Cybersecurity Firm Kudelski Security

- To assess and verify that Oxygen 'does what it says it does' functionally, and

- To assess cybersecurity exposure and advise any needed remediation.

ZUG, SWITZERLAND / ACCESSWIRE / June 24, 2021 / Oxygen.org, the alternative market infrastructure ecosystem, has signed a strategic agreement under which Kudelski Security, a division of the Kudelski Group in Switzerland, will provide security assessment and architecture support for the Oxygen platform going forward. Kudelski will conduct a series of reviews and audits of the Oxygen Protocol functionality and interfaces, as well as collaborating with Oxygen to assess future enhancements, changes, or additions to Oxygen's protocols.

Beginning with prime brokerage, Oxygen will replicate a growing range of products offered by investment banks, helping to build finance without Wall Street. As a DeFi ecosystem, Oxygen will enable delivery of these services to individuals and institutions alike, democratizing access to sophisticated investment, risk management and liquidity solutions.

Viktor Mangazeev, Co-founder of Oxygen, said 'Institutions and individual investors have a right to expect that they can trust the quality, reliability and stability of the Oxygen ecosystem. For Oxygen, this partnership provides transparency, promotes absolute confidence that the protocol does precisely what it promises and demonstrates its security - all based on a thorough assessment by a leading global expert in cybersecurity.'

Scott Carlson, Head of Blockchain Security for Kudelski Security - stated 'I'm very excited to be working with Oxygen on this series of engagements. As they are on the leading edge of new business models in the DeFi space, it is important to show strategic leadership in promoting cyber security. Comparable traditional businesses have years of audits and tests, and the emerging ecosystems must put their best foot forward to build trust of users and environmental partners'

Oxygen is built on the growing and liquid Serum ecosystem which leverages an on-chain orderbook to match borrowers and lenders to provide fair rates. And it is made possible by massive throughput and ultra-low costs of the scalable Solana blockchain. Solana currently processes up to 50,000 transactions per second, each one costing just $0.00001, with plans to further scale these capabilities. Combined, this partnership can accelerate mass adoption of DeFi.

The Kudelski Security team will perform a Source Code Assessment, Architecture Review, and Architecture Verification of the Oxygen.org Finance system. Special attention will be focused on the Contracts Mechanism, Finance Logic, Yields, Borrowing, Lending, and Leverage mechanisms, as well as other related funds safety considerations. Verification analyses will confirm that formulas, cryptographic/mathematic, etc. in the software faithfully implement the specified intent of the protocol. Testing will include dynamic testing of key financial risk scenarios such as edge situations, liquidity events, and more.

Alex Grebnev, Co-Founder of Oxygen explained 'Rapid innovation in open finance protocols like Oxygen opens up access to highly value-added investment banking products, which have always been the exclusive domain of institutional investors. But to gain the trust of a broader investment community and increase adoption, we must provide robust and continuous assurance of the security of our protocol. We will continue to work closely with our new partners Kudelski and we will publish findings and actions taken to ensure transparency.'

About Oxygen Protocol

Oxygen is alternative market infrastructure ecosystem, built on the fast-growing and liquid Serum ecosystem and running on Solana's scalable blockchain. Its initial offering is an on-chain prime brokerage protocol through which users can earn yield, borrow from peers, trade directly out of fund pools, and get trading leverage against a portfolio of assets. As a DeFi protocol, Oxygen is part of a movement to create a more efficient and open financial system - or 'Finance without Wall Street' - that replicates the constructs of traditional finance without centralized control and intermediaries. Oxygen.org AG is based in Switzerland, which is recognized as an advanced jurisdiction for distributed ledger technology. Oxygen works with a Big Four audit firm and with leading international legal advisers to ensure asset safety and regulatory compliance. For more information, visit https://www.oxygen.org/

About Kudelski Security

Kudelski Security is an innovative, independent provider of tailored cybersecurity solutions for large enterprise and public sector clients. It has 300+ employees and locations in Europe (Cheseaux-sur-Lausanne, Zurich - Switzerland, Paris - France, Munich - Germany) and the U.S. (Phoenix, Minneapolis, Dallas, Atlanta). Kudelski Security international headquarters is ISO 27001:2013 certified, ensuring the quality of our Information Security Management System in the protection of customer data while delivering cybersecurity solutions. The company is a member of the Forum of Incident Response and Security Teams (FIRST), a premier organization and recognized global leader in incident response, with additional Computer Emergency Response Team (CERT) competencies. For more information, please visit www.nagra.com

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SOURCE: Oxygen