Established in 2018 with a team of world-class security experts, Verichains has been successful in providing security services to protect assets worth tens of billions of USD for major global partners such as Binance, BNB Chain, Polygon, Bullish, Klaytn (Kakao Group), WeMix (Wemade), Aptos, Line, DWF Labs.

Famous in the world in the field of Blockchain, but this security startup is little known in Vietnam, VietNamNet had a conversation with Mr. Thanh Nguyen, Founder of Verichains and CEO of VNG Digital Business about the story of this startup "going out into the world".

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Mr. Thanh Nguyen, Founder of Verichains and CEO of VNG Digital Business.

Can you tell us why the company chose this field for its operations?

Verichains chose to start with Blockchain security services for the following reasons: Firstly, this is a potential market as Blockchain is a new financial sector, where security plays a key role in protecting assets on the blockchain. The explosive growth of Blockchain leads to an increasing demand for advanced security solutions, opening up vast opportunities for high-quality security service providers.

The second is the competitive advantage, when Verichains owns a team of experienced and knowledgeable experts in security, always updating and leading in researching and developing the latest attack techniques and security solutions. In addition, working in a new and untapped service area provides the opportunity to build a global brand and establish a leading position in the field of Blockchain security, while creating the uniqueness and quality of the services we provide. Currently, 90% of the company's international customer revenue comes mainly from foreign businesses in this field.

Can you tell us what activities generate this revenue? Why do these international companies choose Verichains to cooperate with?

International revenue in 2023 will mainly come from comprehensive security services such as source code audit or Pentest/Red Team (security testing/attack simulation) for customers such as exchanges and large blockchain companies. We are trusted by customers because we have a team of leading experts in information security, cryptography research, chain system testing and smart contracts.

In 2023, the company's research team discovered and reported many serious security vulnerabilities related to multi-party threshold signature computing (MPC), Zero-Knowledge Proof (ZKP) cryptographic technology... used in many important products such as wallets, bridges, zkEVM and many others. These discoveries have helped reduce the risk of users and systems being hijacked by attacks that could amount to billions of dollars. This has brought a series of customers from leading companies in the blockchain service sector.

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Few people know that 90% of Verichains' revenue comes from international customers.

At the same time, we are also known for our ability to support incident investigation and handling, helping to minimize damage to some of the world's largest Web3 attacks with a total loss of more than 1 billion USD. Typically, supporting the identification and successful fix of security vulnerabilities on Binance's BNB Chain bridge after the attack caused 600 million USD in just a few hours, is one of the achievements that helped build Verichains' reputation in the field of blockchain security. This not only increases the trust of international organizations but also expands the opportunity to introduce the company to partners, to enhance system security, prevent attacks and asset loss.

In addition, to be a reliable partner with professional, high-quality services for customers, the company always ensures full compliance with international standards such as ISO 27001, PCI-DSS, ISO 9001 and CREST certification.

Besides Blockchain, Verichains is also expanding into traditional areas. Does the company have customers and revenue in this area?

Verichains has begun to expand its traditional information security products and services, aiming to become a trusted security partner for businesses and organizations in Vietnam, the region and internationally.

Expanding into the traditional sector helps Verichains diversify its services to customers and strengthen its position in the market. Currently, we have large customers in the traditional sector, including government agencies, banks, financial companies, multinational corporations, etc.

Revenue from traditional segments is growing rapidly and receiving very good feedback from the market.

A very interesting product of Verichans that has been talked about a lot recently is BShield – Mobile App Security, this is a solution to protect mobile applications, especially applications related to Finance – Banking. Why did the company launch this product?

The need for mobile application security is increasing due to the rapid increase in the number of smartphone users and mobile applications. Mobile applications, especially those related to Finance - Banking, contain sensitive and financial information of users, making them targets for cyber attacks. In recent times, there have been many cases of users losing money after installing applications containing malicious code, leading to the appropriation of money in their accounts.

Recognizing the growing risk and need for mobile application protection, especially in the Finance - Banking sector, Verichains has launched BShield - a comprehensive security solution for mobile applications.

BShield helps protect applications and users against cybersecurity risks such as malware, threats such as identity theft/spoofing, fraud and promotional exploitation, and provides advanced security features such as data encryption, multi-factor authentication.

The product is a comprehensive, multi-layered security solution that helps increase the trust of users and businesses in their mobile applications. When integrated with the application, BShield will "wrap" the mobile application with in-depth security layers that can detect and prevent execution flow interference, data theft by hackers or third-party software containing malicious code right on the user's phone.

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Verichains engineers are focusing on creating "made in Vietnam" products to serve traditional customers.

This application helps solve the security problem at both ends of the information, when the business (application): protects the application, data, execution flow of important business and protects the server-side API, avoiding theft, attacks in the middle of intervention or information change; Users (personal data): limit the possibility of users being interfered with by malware, information theft on the application causing loss of assets and bringing peace of mind to customers.

Currently, BShield's solution has been protecting a number of domestic applications with more than 50 million mobile devices per month. This includes important applications of state agencies as well as the Finance - Banking sector.

Can Verichains tell us about its operational plans for 2024?

In 2024, we will expand our "made in Vietnam" security services to traditional domestic enterprises, aiming to become a trusted security partner for businesses in Vietnam and internationally; In particular, providing BShield mobile application protection products and in-depth attack simulation services (Red Team). In addition, we also provide consulting support and accompany businesses in building system security strategies and digital infrastructure that meet international security standards such as ISO 27001 and PCI-DSS.

We also continue to focus on investing in developing new products, expanding our network of strategic partners with reputable businesses and organizations, aiming to become a leading provider of security products and services in the region and internationally.

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