Roll, a platform that allows creators to mint and distribute their own blockchain-based “social money,” announced today that it’s integrating asset security platform Fireblocks Inc. to secure the new token ecosystem launching on its system.

Roll allows anyone to mint, earn and reward what it calls “social money” on the Ethereum distributed ledger blockchain. For example, a creator could make digital artwork and create a token named after their project that they use to promote their work. These personalized tokens, or “social money,” could be offered as rewards for people signing up for a newsletter, sharing tweets, subscribing to livestreams or referring friends.

By using Fireblocks’ multi-party computation wallet infrastructure, the social money minted on Roll’s platform will be protected with a higher level of security. “Now, with a secure wallet infrastructure, Roll can continue their mission to make social money as easy as possible to access, store and exchange across the web,” said Michael Shaulov, chief executive of Fireblocks.

Roll will also be adding an extra $30 million in insurance for its creator community that’s launching the social money.

“As the social token scene sparks more interest among artists, creators, and innovative people throughout the world, hackers become more advanced and target platforms like ours that support millions in social token assets,” said Sid Kalla, chief technology officer of Roll.

Increasing security at Roll is especially important for its users given that the company suffered a security breach in March, when its hot wallet was compromised. An attacker gained access to some of Roll’s tokens and sold them for Ether, the cryptocurrency of the Ethereum blockchain.

In response to the incident, Roll ceased all withdrawals and enhanced security in the short term in order to explore an investigation. A total of 42 tokens were affected by the breach and the company raised $750,000 internally to help the creators and their communities.

Many blockchain and cryptocurrency companies get targeted by hackers. According to a report from Atlas VPN, blockchain-related hacks netted “nearby $3.78 billion” throughout 2020. Many of these attacks struck online wallets, exchanges and Ethereum distributed applications – some of which were companies similar to Roll.

“We are rethinking security and private key storage from the ground up as we scale and social money issued by Roll becomes more valuable,” said Kalla.

Image: Roll