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Cybersecurity play Tesserent has struck a deal to build a “cybersecurity platform for crypto exchanges” for investor Blockchain Global.

Melbourne-based Blockchain Global — an investor in ASX-listed blockchain plays including DigitalX (ASX:DCC) and First Growth Funds (ASX:FGF) — runs several cryptocurrency exchanges.

Tesserent will team up with privately-held IT services provider Asta Solutions to improve the security of Blockchain Global’s exchanges in Australia and Southeast Asia.

Tesserent reported a loss of $3.1 million last year on revenue of $5.3 million following a restructure and cost-cutting.

The tech play listed in February 2016 after raising $7 million at 20c per share. Its shares were trading at 6.1c this morning. It raised $800,000 at 7c last year.

Tesserent shares (ASX:TNT) have fallen by more than two-thirds since listing at 20c in early 2016
Tesserent shares (ASX:TNT) have fallen by more than two-thirds since listing at 20c in early 2016

Under today’s agrement, Tesserent and Asta will develop a scalable “end-to-end managed security services solution” that can be replicated in Blockchain Global’s target markets in Southeast Asia.

If the original solution passes its first tests, the two companies will become exclusive providers of security services to Blockchain Global.

Allan Guo, CIO of Blockchain Global, said the deal would mean his company could help more companies transform their business models.

“Security is an essential building block of blockchain infrastructure, and we are excited to be partnering with Tesserent and Asta to further increase the robustness of our crypto exchanges,” he said.

Tesserent chief Julian Challingsworth said his company was perfectly positioned to take advantage of the growing need for cybersecurity solutions in the blockchain space.

“The partnership with Blockchain Global is an important step in our growth strategy into blockchain security solutions, in Australia and the South East Asian market,” he said. “Robust cybersecurity for cryptocurrency exchanges is paramount to the integrity of the exchange and ecosystem.”