Arqit Quantum Inc., a leader in quantum-safe encryption, announced the launch of its third application product, Arqit WalletSecure. Arqit sells a core Symmetric Key Agreement Platform-as-a-Service which can be used for any encryption task. This announcement follows the launch of Arqit’s first two applications – TradeSecure™ and NetworkSecure™ – earlier this year. TradeSecure™ provides a Symmetric Key Agreement upgrade for digital assets used by banks for international payments and for use in global trade finance and NetworkSecure™ provides a Symmetric Key Agreement upgrade for firewalls and has already been integrated with the products of two market leading firewall vendors.
The third application product WalletSecure™ makes any Ethereum-based digital wallet used to store and transact digital asset transactions quantum-safe. Arqit believes that the mainstream adoption of digital assets is accelerating and that providing long term security is important to financial services company adoption of digital asset technology. The company hopes to announce initial customers for this product in the next few months.
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Following Arqit’s launch of its new channel partner distribution strategy in December 2022, it has entered into channel partnerships with several major global technology vendors to integrate Arqit’s software into their products for general sale to customers. Recently added to the channel partnerships announced in December (Fortinet, Dell, AWS) are Juniper, SecureCloud+ and SNC MS UK.
Based on discussions on the Arqit software with certain public sector organisations and public statements on symmetric encryption by various standards bodies it is clear that the need for the use of Arqit’s product to generate quantum-safe networking is rising.
The NSA said publicly that it “considers the use of pre-shared symmetric keys in a standards compliant fashion to be a better near-term post-quantum solution than implementation of experimental postquantum asymmetric algorithms”. Arqit has noted that its technology is compatible with NSA Symmetric Key Management Requirements Annex v2.1.
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The company is currently continuing to negotiate a possible disposal of the satellite division with a number of parties, however the outcome of those negotiations remains uncertain.
Arqit began generating revenues through its new OEM channel partnerships in the current fiscal year. With a core platform being adopted by system integrators in the US, Europe, Middle East and Asia-Pacific, three applications finding customers in specific vertical markets, and standards bodies aligning with the use of symmetric encryption, Arqit believes that it has the right strategy to continue to build its business.
As previously announced beginning in July, Arqit reduced its monthly operating costs to approximately $3.2 million, and has cash and cash equivalents as of August 31, 2023 of $31 million, including proceeds from shares issued under its at-the-market equity offering program.
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