Edward Woodford, co-founder and CEO of Seed CX, said in a declaration that the exchange is looking to “make it as difficult for hackers as you can ” to steal funds, and restrict the amount which could potentially be stolen.
Institutional-focused crypto exchange Seed CX is launching a brand new wallet alternative geared toward adding security and transparency for its customers.
The company, which raised $15 million in funding last fall, announced Thursday that its new wallet features on-chain settlement, and provides each client a special wallet instead of utilizing omnibus pockets. Provided through its settlement subsidiary Zero Hash, the new wallets permit the exchange to synchronize its internal accounting on the suitable blockchain.
“On-chain settlement helps CX provide trading firms with an experience that is both cost effective and high performance, while also supplying the operational and financial security investors demand. ”
The new strategy also raises the number of pockets malicious actors would need to attack whenever they want to steal funds, according to a media release.
Released at Thu, 10 Jan 2019 18:45:24 +0000
Zero Hash public manager Julie Myers-Wood clarified the firm learned from issues other exchanges confronted, according to a statement.
“Giving participants complete visibility in their own unique pockets is a large portion of that, but it’s not enough. Zero Hash has a large variety of operational controllers created to provide investors with a first-of-its-kind encounter,” she added.
Therefore, market participants may independently check all deposits, withdrawals and other transactions associated with their pocket.
Multiple pockets image via Nicole S Glass / Shutterstock