DigiMax makes strategic USD5m investment in Kirobo

DigiCrypts Blockchain Solutions (DigiMax), a provider of AI and cryptocurrency technology solutions, has made a strategic USD5 million investment in Kirobo, a cryptocurrency solutions developer. 

The investment will help Kirobo accelerate the release of upcoming wealth management and crypto transaction security products, which are set to be integrated in DigiMax’s AI system over the course of 2021.

Tel Aviv based Kirobo is a blockchain technology company that provides state-of-the-art tools to crypto users and companies, helping them gain better control of their funds. Kirobo offers a straightforward and user-friendly interface that makes crypto management as simple and secure as online banking.

DigiMax and Kirobo have also announced that crypto pioneer Brock Pierce has joined the Advisory Boards of both companies where he will be providing strategic guidance around the global launch of Kirobo’s portfolio of products. Over a stellar career to date, Pierce has established credentials as one of the world’s preeminent crypto thought leaders, having co-founded EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin. Pierce currently serves as Chairman of the Bitcoin Foundation.

The $5 million strategic investment by DigiMax includes an agreement to explore the integration of DigiMax’s AI technology into Kirobo’s solutions. The companies will also engage in marketing collaboration and the reselling of each other’s products to crypto exchanges.

Kirobo’s first product — a breakthrough cryptocurrency transfer technology that allows users to “undo” or reverse a crypto transfer sent in error — eliminates the myriad of human error risks inherent to the execution of crypto transactions. A loss of money can occur when a transaction is sent to the wrong address, or when it is sent to an address that does not support the receiving of the transaction, such as trying to send directly to a smart contract address. This is exactly the problem that DeFi is trying to address – and Kirobo has the solution.

Kirobo has also developed a range of additional bespoke solutions tailored to crypto holders and merchants, which are set for release over the course of Q2 and Q3. The company is in discussions with several crypto exchanges regarding the planned integration of its solutions for later in 2021. Elements of Kirobo’s new, soon to be revealed, solutions have helped the company yield two highly revered grants from the Israel Innovation Authority.

The company’s logic layer functions by providing a unique transaction code that must be entered by the recipient in order to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time. Kirobo is currently helping large scale intermediaries, crypto exchanges and payments companies offer their users unprecedented levels of transaction security.

Commenting on the announcement, Asaf Naim, Kirobo CEO, says: “Today’s announcement represents a firm seal of approval in Kirobo’s service offering from a highly renowned technology solutions provider. The DigiMax investment will help us expedite the launch of new industry-leading solutions designed to help crypto participants, current and prospective, to navigate transactions with a greater sense of confidence and clarity. By removing the fear from crypto transactions, Kirobo will boost wider adoption levels as the enabler of risk-free crypto transactions. In the coming months, we look forward to exploring the integration of DigiMax’s AI technology into our solutions while announcing some very exciting product launches that will advance the NFT and DeFi spheres.”

Chris Carl, DigiMax CEO, says: “We’re proud to announce our strategic investment in Kirobo — a company that is set to fundamentally change the DeFi landscape with its suite of timely, security-centric solutions. DigiMax is firmly aligned with Kirobo’s mission to broaden the accessibility of crypto through innovative technology tools built on the principles of trust, transparency and security. To enable the wider crypto space to achieve mainstream adoption, the substantial risk of human error, and machine coding error inadvertently creating massive losses on transactions must be addressed. We are also excited to invite Mr. Brock Pierce onto our Advisory Board.  The Kirobo technology has the potential to change the way the world does commerce, and Mr. Pierce will be of huge assistance in helping us to strategically introduce the technology on a global scale to provide secure transactions for individuals, and to provide giga-scale solutions to credit card and similar cash transaction companies wishing to enable crypto-based commerce.”   

Pierce says: “I am excited to be joining the advisory boards of both DigiMax and Kirobo, and I am looking forward to helping Kirobo introduce its unique and disruptive technology to the market.”