24 Jun 2025, 10:21

Kaspersky Warns New Crypto Malware Steals Seed Phrase Screenshots From iOS and Android

Kaspersky researchers have discovered a sophisticated new mobile malware campaign called “ SparkKitty ” that successfully infiltrated both Apple’s App Store and Google Play, specifically targeting screenshots of crypto wallet seed phrase stored in users’ photo galleries. The malware , which evolves from a previously identified SparkCat campaign, uses optical character recognition (OCR) technology to scan and exfiltrate images containing sensitive crypto wallet information from iOS and Android devices. The campaign, which has been active since at least February 2024, has primarily targeted users in Southeast Asia and China through infected apps disguised as TikTok mods, crypto portfolio trackers, gambling games, and adult content applications that request photo gallery access under seemingly legitimate pretenses. Source: Kaspersky These cybercriminals successfully bypassed official app store security measures to deploy infected applications that appeared legitimate to automated screening and human reviewers. Two prominent examples include Soex Wallet Tracker, which masqueraded as a portfolio management app and was downloaded over 5,000 times from Google Play, and Coin Wallet Pro, which marketed itself as a secure multi-chain wallet before being promoted through social media ads and Telegram channels. Source: Kaspersky How SparkKitty’s Seed Phrase Stealer Evaded IOS and Android Detection On iOS devices, the malware typically disguised itself as modified versions of popular frameworks like AFNetworking or Alamofire, exploiting Apple’s Enterprise provisioning profile system that allows organizations to distribute internal apps without App Store approval. While legitimate for corporate use, these Enterprise profiles provided cybercriminals with a pathway to install unsigned applications that could bypass Apple’s standard security screening processes. In fact, they go as far as to create modified versions of legitimate open-source libraries that retain original functionality while adding malicious capabilities. SparkKitty: Cute name, BIG threat The new "little brother" of SparkCat malware hides in fake apps on Google Play & App Store—stealing all your photos, including sensitive screenshots. Protect yourself: Use encrypted storage Scan with #KasperskyPremium Details:… pic.twitter.com/p3PeRGZnp7 — Kaspersky (@kaspersky) June 23, 2025 The corrupted AFNetworking framework, for example, maintained its original networking capabilities while secretly incorporating photo-stealing functionality through a hidden AFImageDownloaderTool class that activated during app loading through Objective-C’s automatic load selector mechanism. This approach allowed the malware to remain dormant until specific conditions were met, such as users navigating to support chat screens where photo access requests would appear natural and less suspicious. On Android platforms, the malware employed equally sophisticated distribution methods, embedding malicious code directly into app entry points while using legitimate cryptocurrency themes to attract target victims. OCR Technology Turns Photos Into Digital Gold Mine SparkKitty’s most dangerous feature is its sophisticated optical character recognition technology, which automatically identifies and extracts crypto-related information from victims’ photo galleries without requiring attackers to review them manually. Unlike previous mobile malware that relied on bulk photo theft and manual analysis, SparkKitty employs Google ML (Machine Learning) Kit library integration to scan images for text patterns. It specifically searches for seed phrases, private keys, and wallet addresses that users commonly screenshot for backup purposes despite security recommendations against such practices. As Kaspersky explained, the malware’s OCR implementation demonstrates advanced pattern recognition capabilities. It automatically filters images based on text content and sends only those containing crypto-related information to command-and-control servers. The system looks for specific text blocks containing minimum word counts and character requirements, effectively distinguishing between casual photos and potentially valuable financial information. This targeted approach reduces data transmission requirements while maximizing the value of stolen information, allowing attackers to process larger victim pools more efficiently. Related campaigns discovered during Kaspersky’s investigation revealed even more sophisticated implementations, including versions targeting backup procedures by displaying fake security warnings instructing users to “back up your wallet key in the settings within 12 hours” or risk losing access to their wallets. These social engineering overlays guide victims through accessing their seed phrases, allowing the malware’s Accessibility Logger to capture the information directly rather than relying solely on existing screenshots. The broader implications extend beyond individual theft to include systematic crypto mining operations, as evidenced by related campaigns like the Librarian Ghouls APT group that combines credential theft with unauthorized Monero mining on compromised devices. The Librarian Ghouls APT group has transformed Russian business computers into covert crypto mining operations while stealing wallet credentials and private keys through sophisticated phishing campaigns targeting industrial enterprises. #CryptoHack … https://t.co/nslftE8bL6 — Cryptonews.com (@cryptonews) June 11, 2025 These dual-purpose attacks create ongoing revenue streams for cybercriminals, who steal existing crypto holdings and use victims’ computational resources to mine additional digital assets. Thus, compromised devices effectively become profit-generating infrastructure for extended periods. The post Kaspersky Warns New Crypto Malware Steals Seed Phrase Screenshots From iOS and Android appeared first on Cryptonews .

24 Jun 2025, 09:48

New SparkKitty malware hits over 5,000 crypto users via Apple and Google apps

A new form of mobile spyware is exploiting weaknesses in both Apple and Google’s app review systems to target crypto users across Southeast Asia and China. Dubbed SparkKitty, the malware focuses on stealing screenshots of wallet seed phrases stored in mobile phone galleries. Cybersecurity researchers from Kaspersky revealed that the spyware has been embedded within seemingly legitimate applications, including crypto portfolio trackers and modified versions of popular apps like TikTok. The malware campaign, which traces its lineage to an earlier variant known as SparkCat, has been active since at least April 2024. Some app samples date even further back. Once installed, SparkKitty uses deceptive permissions and optical character recognition (OCR) technology to identify and transmit images containing sensitive text such as seed phrases—an attack vector with serious implications for anyone storing their recovery phrases on their devices. Infected crypto apps bypassed store security Kaspersky’s analysis shows that SparkKitty successfully infiltrated the official Google Play Store and Apple’s App Store. The affected applications, including Soex Wallet Tracker and Coin Wallet Pro, disguised themselves as crypto tools offering real-time tracking, portfolio management, and multi-chain wallet services. In one instance, Soex Wallet Tracker was downloaded over 5,000 times before being delisted. Coin Wallet Pro, which positioned itself as a secure digital wallet, reportedly gained traction through social media advertisements and Telegram channels. These channels encouraged users to download the app and install additional developer profiles—bypassing normal app review mechanisms. This extra step allowed the malware to operate outside of standard sandbox protections that typically restrict access to photo galleries and system data. By prompting users during specific activities such as support chats, SparkKitty could gain access to photo storage. Once granted, it used OCR to extract any seed phrases visible in screenshots. These phrases are crucial for crypto wallet access and recovery, and losing control over them can lead to complete loss of funds. SparkKitty malware aims at visual data theft Unlike traditional malware that seeks direct access to wallet apps or private keys, SparkKitty’s focus on image galleries indicates a shift toward exploiting visual data storage habits among users. Many individuals, especially newer crypto users, save screenshots of their wallet seed phrases for convenience. This practice, while discouraged by most wallet providers, remains common. SparkKitty capitalises on this behaviour by scanning thousands of images in the background, looking for strings of words that match common seed phrase formats. Once identified, these are sent back to remote servers controlled by the attackers. The malware’s visual recognition model appears optimised for seed phrase lengths and formats used by popular wallets such as MetaMask, Trust Wallet, and Phantom. Kaspersky stated that while the bulk of infections appear concentrated in Southeast Asia and China, the method of app distribution—via social media and app stores—makes it highly scalable. Similar attacks could easily be redirected at other regions or user bases with minimal modifications to the codebase. Apple and Google take down apps, review system under scrutiny Following Kaspersky’s alert, Apple and Google removed the flagged apps from their platforms. However, questions remain over how these apps managed to pass initial reviews. The use of developer profiles to bypass app sandboxing suggests a vulnerability in mobile OS permission structures, particularly in cases where users are convinced to grant broad access. Kaspersky warned that the campaign may still be active in less regulated app marketplaces or via direct APK downloads. Security teams have been monitoring for similar behavioural patterns across newer apps, especially those associated with crypto-only features or decentralised finance (DeFi) tools. As a precaution, users are being urged not to save seed phrases in their photo galleries and to avoid installing unknown profiles or giving gallery access to non-trusted apps. Several crypto influencers and security accounts on Twitter and Telegram have also circulated warnings about the incident. Kaspersky’s team continues to track SparkKitty’s network infrastructure and has shared indicators of compromise with relevant cyber authorities. The post New SparkKitty malware hits over 5,000 crypto users via Apple and Google apps appeared first on Invezz

24 Jun 2025, 09:40

KRW-Based Stablecoins: Unlocking Immense Demand in South Korean Digital Finance

BitcoinWorld KRW-Based Stablecoins: Unlocking Immense Demand in South Korean Digital Finance The world of digital finance is constantly evolving, and at its forefront, South Korea is emerging as a pivotal player. Recent statements and strategic moves from key figures and major corporations highlight a burgeoning interest in stablecoins pegged to the Korean Won (KRW). This development signals a significant shift in how international transactions and digital payments could be handled, particularly for the nation’s rapidly expanding global industries. Let’s delve into why KRW-based stablecoins are gaining such traction and what this means for the future of finance. Why the Surging Digital Asset Demand in South Korea? The conversation around digital asset demand in South Korea gained significant momentum with remarks from Min Byeong-deok, a prominent left-wing lawmaker who previously served as Lee Jae Myung’s head of digital assets during the South Korean presidential election campaign. In an interview with The Block, Min Byeong-deok unequivocally confirmed a robust demand for KRW payments within the realm of digital finance. This isn’t just a fleeting trend; it’s a reflection of deeper economic and cultural shifts. Min Byeong-deok articulated that this demand stems primarily from the global expansion of South Korean content, games, and e-commerce. Consider the phenomenal success of K-pop, the global reach of Korean dramas and films, the explosive growth of Korean online gaming, and the increasing international footprint of Korean e-commerce platforms. These industries are not just thriving domestically; they are conquering markets worldwide, generating vast volumes of cross-border transactions. The existing traditional financial infrastructure, while functional, often introduces friction, delays, and costs that can hinder this rapid global expansion. The inherent efficiency of digital payments, especially through stablecoins, offers a compelling alternative. For businesses operating on a global scale, the ability to send and receive payments swiftly and cost-effectively is paramount. This growing need for streamlined international financial flows is precisely what’s driving the confirmed digital asset demand for KRW-pegged solutions. Understanding KRW-Based Stablecoins : A Gateway to Global Commerce To fully grasp the significance of Min Byeong-deok’s statement, it’s crucial to understand what KRW-based stablecoins are and how they function. In essence, a stablecoin is a type of cryptocurrency designed to minimize price volatility, typically by pegging its value to a stable asset like a fiat currency, gold, or another cryptocurrency. In this context, a KRW-based stablecoin is a digital asset whose value is designed to remain consistently equal to one Korean Won. These stablecoins operate on blockchain technology, offering the benefits of decentralization, transparency, and speed that are characteristic of cryptocurrencies, but without the wild price swings often associated with assets like Bitcoin or Ethereum. This stability makes them ideal for everyday transactions, remittances, and cross-border payments. For South Korean businesses and consumers engaging in international commerce, KRW-based stablecoins could serve as a powerful gateway, offering several key advantages: Reduced Volatility: Unlike unpegged cryptocurrencies, their value remains stable, making them reliable for pricing and payment. Faster Transactions: Blockchain technology allows for near-instantaneous settlement, often significantly quicker than traditional banking rails. Lower Fees: Transaction costs can be substantially lower, especially for international transfers, compared to conventional wire transfers or credit card fees. Enhanced Accessibility: They can facilitate financial inclusion by providing a digital payment method for individuals or businesses that might be underserved by traditional banking systems. 24/7 Availability: Unlike banks with limited operating hours, stablecoin transactions can occur at any time, any day of the week. Imagine a K-pop fan in Europe wanting to purchase merchandise directly from a Korean vendor, or a gaming company in the U.S. paying a Korean developer. Currently, these transactions involve multiple intermediaries, currency conversions, and associated delays and fees. KRW-based stablecoins could simplify this process dramatically, allowing for direct, efficient, and cost-effective payments. The Economic Imperative: How Won-Based Stablecoins Reduce Capital Conversion One of the most compelling arguments put forth by Min Byeong-deok for the adoption of Won-based stablecoins is their potential to mitigate the conversion of domestic capital into foreign currencies for overseas transactions. This economic benefit has significant implications for South Korea’s financial sovereignty and stability. Currently, when South Korean businesses or individuals engage in international trade or make payments abroad, their Korean Won typically needs to be converted into a foreign currency, such as the US Dollar, Euro, or Japanese Yen. This conversion process incurs foreign exchange (FX) fees, often involves unfavorable exchange rates, and can lead to capital outflow. Over time, these small fees accumulate, and the constant conversion can affect a nation’s capital reserves and balance of payments. By utilizing Won-based stablecoins for the settlement of overseas transactions, a significant portion of this conversion can be avoided. Instead of converting KRW to USD to pay a foreign supplier, a Korean company could potentially use KRW-pegged stablecoins directly. This means the underlying value, still tied to the Korean Won, remains within the domestic financial ecosystem for longer, reducing the need for immediate foreign currency acquisition. Consider the following comparison: Feature Traditional Overseas Transaction (e.g., USD) Won-Based Stablecoin Transaction Currency Conversion Required (KRW to USD) Minimized/Eliminated (KRW-pegged) FX Fees & Rates Incurred, potential for unfavorable rates Significantly reduced or absent Settlement Time Days (SWIFT, ACH) Minutes to hours (Blockchain) Capital Outflow Impact Direct capital conversion to foreign currency Retains Won-pegged value within ecosystem Transparency Limited, reliant on bank statements High (on public blockchain) This ability to retain capital within the domestic economy, even during international transactions, presents a powerful economic incentive for the South Korean government and financial institutions to explore and potentially embrace Won-based stablecoins . It aligns with broader national goals of fostering a robust and independent digital economy. KakaoPay Stablecoin Ambitions: A Major Player’s Strategic Move The demand for KRW-based digital payment solutions isn’t just a political talking point; it’s being actively pursued by major industry players. A significant indicator of this trend is the revelation that KakaoPay, a dominant mobile payment firm in South Korea, has submitted stablecoin-tied patent applications. This move by KakaoPay, a subsidiary of the tech giant Kakao (which also operates the ubiquitous KakaoTalk messenger), signals a serious intent to integrate stablecoin technology into its vast financial services ecosystem. KakaoPay boasts an enormous user base in South Korea, making it one of the most influential financial technology companies in the country. Its foray into stablecoins could dramatically accelerate mainstream adoption. While the specifics of their patent applications are not fully public, they likely pertain to the infrastructure for issuing, managing, and facilitating transactions with their own KakaoPay stablecoin or a stablecoin integrated within their payment network. The implications of a KakaoPay stablecoin are profound: Mass Adoption Potential: With millions of users already familiar with KakaoPay for everyday transactions, the introduction of a stablecoin could seamlessly onboard a large segment of the population into digital asset usage without needing deep technical understanding of blockchain. Ecosystem Integration: Kakao’s sprawling ecosystem includes not just payments but also e-commerce, gaming, content, and even ride-hailing. A stablecoin could act as a unifying digital currency across these diverse services, creating a powerful closed-loop economy. Enhanced Cross-Border Services: Leveraging its existing international partnerships and user base, KakaoPay could expand its cross-border payment services, offering more efficient and cost-effective ways for users to send and receive funds globally, directly competing with traditional remittance services. Regulatory Dialogue: As a major regulated entity, KakaoPay’s active pursuit of stablecoin technology will inevitably foster closer dialogue with South Korean financial regulators, potentially paving the way for clearer regulatory frameworks. KakaoPay’s strategic move underscores the commercial viability and growing market interest in stablecoin solutions. It demonstrates that the vision of efficient, Won-pegged digital payments is not just a theoretical concept but a tangible business opportunity being actively pursued by market leaders. Navigating the Landscape of South Korean Digital Finance : Challenges and Opportunities While the prospects for KRW-based stablecoins and the broader South Korean digital finance landscape appear bright, the path forward is not without its challenges. The successful integration and widespread adoption of these digital assets will depend on navigating a complex interplay of regulatory, technological, and societal factors. Key Challenges: Regulatory Clarity: This is perhaps the most critical hurdle. South Korea has a robust and evolving regulatory framework for cryptocurrencies. For stablecoins, regulators will need to address issues such as issuer reserves, consumer protection, anti-money laundering (AML), and combating terrorist financing (CTF). Clear guidelines are essential for fostering trust and encouraging institutional participation. Interoperability: For stablecoins to achieve their full potential, they need to be easily transferable and usable across different blockchain networks and traditional financial systems. Establishing standards for interoperability will be crucial. User Education and Trust: Despite the rise of digital payments, a significant portion of the population may still be unfamiliar or skeptical about cryptocurrencies. Building trust and educating users about the benefits and security of stablecoins will be an ongoing effort. Technological Infrastructure: While South Korea is highly technologically advanced, ensuring that the underlying blockchain infrastructure can handle the massive transaction volumes expected from a widely adopted stablecoin will require continuous development and scaling. Competition: Stablecoins will compete not only with traditional payment methods but also with central bank digital currencies (CBDCs) if the Bank of Korea decides to issue a digital Won. Immense Opportunities: Global Leadership in Digital Finance: By embracing stablecoins, South Korea has the opportunity to solidify its position as a global leader in digital finance innovation, setting precedents for other nations. Enhanced Economic Efficiency: The benefits of reduced FX costs, faster settlements, and capital retention can significantly boost the efficiency of South Korea’s international trade and financial services. New Business Models: Stablecoins can enable entirely new business models, from micro-payments for digital content to tokenized real-world assets, fostering innovation across various sectors. Financial Inclusion: While South Korea has high banking penetration, stablecoins can still offer benefits for specific demographics or cross-border workers, providing cheaper and more accessible remittance options. The journey for South Korean digital finance , particularly concerning KRW-based stablecoins , is just beginning. The convergence of political will, confirmed market demand, and the strategic moves of industry giants like KakaoPay paints a compelling picture of a future where digital Won-pegged assets play a pivotal role in the nation’s economic landscape. In conclusion, the confirmation of strong demand for KRW payments in digital finance by lawmaker Min Byeong-deok, coupled with KakaoPay’s proactive stablecoin patent applications, marks a significant turning point. This growing interest in KRW-based stablecoins is driven by the global success of South Korean content, games, and e-commerce, offering a powerful solution to streamline international transactions and reduce capital conversion. While regulatory clarity and adoption remain key challenges, the potential economic benefits and the strategic moves by major players like KakaoPay underscore a promising future for Won-based stablecoins within South Korean digital finance . The confirmed digital asset demand is undeniable, setting the stage for a new era of efficient and globally connected financial services. To learn more about the latest stablecoin trends and how they are shaping the future of global payments, explore our article on key developments shaping the digital asset landscape and institutional adoption. This post KRW-Based Stablecoins: Unlocking Immense Demand in South Korean Digital Finance first appeared on BitcoinWorld and is written by Editorial Team

24 Jun 2025, 09:19

The bottleneck problem: Why ‘fast’ blockchains fail when it counts most | Opinion

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. For over a decade, blockchain developers have pursued one primary metric of performance: speed. Transactions per second (TPS) became the industry’s benchmark for technological advancement, as networks raced to outpace traditional financial systems. Yet, speed alone hasn’t delivered the kind of mass adoption once envisioned. Instead, high-TPS blockchains have repeatedly stumbled during periods of real-world demand. The root cause is a structural weakness rarely discussed in whitepapers: the bottleneck problem. You might also like: Warning to builders: L2s are leaking value, L1 appchains are the smarter bet | Opinion A “fast” blockchain, in theory, should excel under pressure. In practice, many falter. The reason lies in how network components behave under heavy load. The bottleneck problem refers to the series of technical constraints that emerge when blockchains prioritize throughput without adequately addressing systemic friction. These limits reveal themselves most starkly during spikes in user activity. Ironically, the moments when blockchains are needed most. The first bottleneck appears at the validator and node level. To support high TPS, nodes must process and validate a vast number of transactions quickly. This demands significant hardware resources: processing power, memory, and bandwidth. But hardware has limits, and not every node in a decentralized system operates under ideal conditions. As transactions accumulate, underperforming nodes delay block propagation or drop out altogether, fragmenting consensus and slowing the network. The second layer of the problem is user behavior. In high-traffic periods, the holding areas for pending transactions—mempools, flood with activity. Sophisticated users and bots engage in front-running strategies, paying higher fees to jump the queue. This pushes out legitimate transactions, many of which ultimately fail. The mempool becomes a battleground, and user experience deteriorates. Third is the propagation delay. Blockchains rely on peer-to-peer communication between nodes to share transactions and blocks. But when the volume of messages increases rapidly, propagation becomes uneven. Some nodes receive critical data faster than others. This lag can trigger temporary forks, wasted computation, and in extreme cases, reorganization of the chain. All of this undermines trust in finality. Another hidden weakness lies in consensus itself. High-frequency block creation is necessary for maintaining TPS, which places enormous stress on consensus algorithms. Some protocols were simply not designed to make decisions with millisecond urgency. As a result, validator misalignment and slashing errors become more common, introducing risk into the very mechanism that ensures network integrity. Finally, there’s the question of storage. Chains optimized for speed often neglect storage efficiency. As transaction volumes grow, so does the size of the ledger. Without pruning, compression, or alternative storage strategies, chains balloon in size. This further increases the cost of running a node, consolidating control in the hands of those who can afford high-performance infrastructure and thereby weakening decentralization. To tackle the issue, one of the key tasks for layer-0 solutions in the nearest future will be to seamlessly unite storage and speed within one blockchain. Fortunately, the industry has responded with engineering solutions that directly address these threats. Local fee markets have been introduced to segment demand and reduce pressure on global mempools. Anti-front-running tools, such as MEV protection layers and spam filters, have emerged to shield users from manipulative behaviors. And new propagation techniques, like Solana’s ( SOL ) Turbine protocol, have drastically reduced message latency across the network. Modular consensus layers, exemplified by projects like Celestia, distribute decision-making more efficiently and separate execution from consensus. Finally, on the storage front, snapshotting, pruning, and parallel disk writes have allowed networks to maintain high speed without compromising on size or stability. Beyond their technical impact, these advances have another effect: they disincentivize market manipulation. Pump-and-dump schemes, sniper bots, and artificial price inflations often rely on exploiting network inefficiencies. As blockchains become more resistant to congestion and frontrunning, such manipulations become harder to execute at scale. In turn, this lowers volatility, increases investor confidence, and reduces the load on the underlying network infrastructure. The reality is that many first-generation high-speed blockchains were built without accounting for these interlocking constraints. When performance failed, the remedy was to patch bugs, rewrite consensus logic, or throw more hardware at the problem. None of these quick fixes addressed the foundational architecture. By contrast, today’s leading platforms are taking a different approach, building with these lessons in mind from the start. That includes designing systems where speed is a byproduct of efficiency. The future of blockchain does not belong to the fastest. Once reaching Visa’s 65,000 TPS without errors, the blockchain should stay resilient under future pressure to become a full-fledged analogue of the web2 payment system, for the bottleneck problem is now central to blockchain engineering. Those who address it early will define the standard for performance in the next era of web3. Read more: Solana network extensions will redefine blockchain scaling | Opinion Author: Christopher Louis Tsu Christopher Louis Tsu is the CEO of Venom Foundation, a layer-0 blockchain protocol focused on scalable, secure, and compliant solutions for global web3 infrastructure. With over two decades of experience at the intersection of finance and technology, including leadership roles at Amazon and Microsoft, he now leads the development of interoperable ecosystems that bridge traditional finance with decentralized technologies.

24 Jun 2025, 09:00

Electrical Engineering Collaboration Platform AllSpice Secures $15M for Hardware Design Innovation

BitcoinWorld Electrical Engineering Collaboration Platform AllSpice Secures $15M for Hardware Design Innovation In the world of technology development, software teams have long benefited from specialized collaboration tools like GitHub. However, electrical engineering teams, working with intricate hardware designs like circuit boards, have faced unique challenges. A startup called AllSpice is changing this, building a dedicated collaboration platform that acts as the “GitHub for hardware,” recently securing significant startup funding to accelerate its mission and launch a powerful new AI tool . Why Electrical Engineering Needs a Dedicated Platform While general collaboration tools like Slack and Google Docs are useful, they fall short when it comes to the highly technical documents central to hardware design . Files such as PCB layouts and electronic CAD files are complex and require specific tools for review and annotation. AllSpice addresses this gap by providing a platform where engineers can interact directly with these files, adding comments and tracking changes in a way similar to how software developers review code on GitHub. This capability is crucial because traditional methods like email chains and PDFs are inefficient and prone to errors when dealing with detailed technical specifications. According to Kyle Dumont, co-founder and CTO of AllSpice, their success stems from understanding that hardware teams already use integral tools in their workflows, such as electrical CAD tools and product lifecycle management (PLM) systems. AllSpice was designed to operate between these existing solutions, enhancing collaboration without forcing teams to abandon their established software. This approach, validated by early research, proved essential for creating a tool that engineers would genuinely adopt. Building a Platform Engineers Actually Use The founding team, including CEO Valentina Ratner, conducted thorough research before launching. They focused not just on user feedback about the product but also on what users didn’t mention, identifying features that weren’t needed. This iterative process helped them scope the platform to be a central, indispensable part of the electrical engineering workflow, rather than just another niche tool. Both Ratner and Dumont experienced the challenges of hardware collaboration firsthand while working at companies like Amazon and iRobot, which directly informed AllSpice’s development. Launched in 2022, AllSpice initially targeted small businesses and startups but quickly saw demand from larger enterprises. This led to a pivot, and the company now counts major players like Blue Origin, Bose, and Sam Altman’s Tools for Humanity among its customers. This growth trajectory highlights the significant need for a specialized collaboration platform in the hardware sector. Significant Startup Funding and Future Growth AllSpice recently announced a substantial boost to its resources, closing a $15 million Series A round. The investment was led by Rethink Impact, with participation from L’attitude Ventures, Gingerbread Capital, and DNX Ventures, alongside existing investors. This significant startup funding will be used to expand the team and continue building out the platform’s capabilities. The investment underscores investor confidence in AllSpice’s vision and the market opportunity in supporting electrical engineering teams. Introducing the AI Tool for Hardware Design Validation Looking ahead, AllSpice is integrating advanced technology to further assist hardware engineers. The company is launching a new AI tool designed to help validate designs and automatically spot potential mistakes. This feature is particularly valuable given the high cost associated with hardware errors compared to software bugs. As Dumont explained, there’s significant demand for AI tools that can improve team effectiveness and catch critical design flaws early in the process. The AI tool is currently being rolled out in a closed beta, focusing on working closely with existing partners to ensure accuracy. Ratner emphasized the need for caution, stating that the product must be developed in a way that makes sense for the hardware industry, where the consequences of mistakes are severe. This deliberate approach prioritizes reliability and trust for users working on complex and critical hardware design projects. Conclusion: Powering the Future of Hardware Development AllSpice is establishing itself as a vital collaboration platform for the often-underserved electrical engineering field. By providing GitHub-like functionality for hardware files, integrating seamlessly with existing tools, and now introducing an innovative AI tool , the company is directly addressing key pain points in the hardware design process. Backed by recent startup funding and a growing enterprise customer base, AllSpice is well-positioned to become the central hub for modern hardware development teams, making complex projects more collaborative, efficient, and less prone to costly errors. To learn more about the latest AI market trends, explore our article on key developments shaping AI features. This post Electrical Engineering Collaboration Platform AllSpice Secures $15M for Hardware Design Innovation first appeared on BitcoinWorld and is written by Editorial Team

24 Jun 2025, 08:30

The Smarter Web Company Expands Bitcoin Holdings as Part of Long-Term Strategy

The Smarter Web Company, a London-listed technology firm, has announced the purchase of an additional 196.9 bitcoin as part of its ongoing treasury policy outlined in “The 10 Year Plan.” The acquisition, valued at £15,185,259 ($20,610,000), was made at an average price of £77,122 per bitcoin ($103,290). This latest purchase brings the company’s total bitcoin