When the Ethereum-based Ethfinex exchange called together a summit with key stakeholders in the crypto community, those who were selected to attend were all deeply knowledgeable about the most pressing problems facing the industry. Those problems include concerns over distributed governance, distributed storage of data, distributed signing of transaction and more.
However, what stole the show was Ethfinex’ announcement of the creation of a new trading platform with user-centric security, privacy, and control (which it dubbed Ethfinex Trustless). The major feature of Ethfinex Trustless is that it allows trading without sending funds to the exchange.
Yet, if the exchange is not holding funds in a secure custody, who is? The answer is, of course, the traders themselves, in their wallets. Understandably, that notion made many traders nervous since a number of wallets have been either hacked or shown vulnerable to hacks in recent months.
This where the Spatium team stepped up to offer the perfect solution: their unhackable wallet that uses keyless, distributed signing of transaction and storage of data (which recently passed an independent audit from a top U.S. cybersecurity evaluator).
Spatium’s CTO, Valery Vashkinel, said:
“To us, and apparently to all users of Ethfinex Trustless, custody of assets and user control of their funds are extremely important. Within even our software wallet, user funds are more protected than in current hardware wallets, so traders can use Ethfinex Trustless without worrying about their funds’ security.”
Spatium’s ultra-secure software wallet can be downloaded in and the . Attendees of the Ethfinex Summit discussed the impact of a secure wallet on the greater ecosystem of crypto economy and mainstream adoption of cryptocurrencies. Though, their focus was, of course, on how a secure wallet is a must-have for trading assets via Ethfinex Trustless.
Spatium project’s CEO, Geray Yusifov, notes:
“We see our wallet’s unmatched security as the perfect way to collaborate with Ethfinex Trustless. At the end of the day, everyone wants to crypto securely.”
Thanks to Ethfinex Trustless and the secure wallet shared with the attendees by the Spatium team, there is a clear path forward for cryptocurrency users to have secure ownership of their assets at all times while also being able to trade quickly and conveniently.
More information about Spatium is available on their website at . Or see their GitHub repository at .
About Spatium
The Spatium multiservice platform is based on the Spatium Protocol, which eliminates the single point of attack that leaves current wallets so vulnerable – the private key. Instead, pieces of authentication data are spread out among several participating devices and the blockchain and together sign transactions without ever leaving their respective devices.
Based on this technology, the company has already released the most secure software wallet on the market, to be followed by a novel hardware wallet, enterprise wallet solution, ICO service, and more components of the multiservice platform that allows users to crypto securely.
The post appeared first on .
Almost a week has passed since the exchange halted users’ fiat deposits following an announcement of the Noble Bank bankruptcy that resulted into another lost for sustainable banking services and therefore inevitable delays into exchange transactions.
Obviously, the inability to process users’ fiat deposits might be converted into huge money losses and an outflow of customers, since the exchange daily sees about $544 million in volume, which is second only to Binance.
Losing Streak of Banking Afflictions
Previously Coinspeaker that Bitfinex found a replacement for an infamous Puerto-Rico’s bank as it has partnered with a $133 billion-worth banking giant HSBC. However, some say this collaboration severed so quickly that until today it’s not clear whether HSBC was aware that it was holding Bitfinex funds when the account was opened.
Nevertheless today Bitfinex resumes users’ funding in U.S. dollars, pounds Sterling, Japanese yen and euros introducing a new, improved and increasingly resilient distributed banking system for sending fiat currencies to the exchange.
Currently, Bitfinex teams up with the controversial USDT stablecoin and so far the exchange has not disclosed any of its banking partners that backed newly outrolling system, yet according to the Bitfinex official the exchange once again allow KYC-verified users from around the world to initiate deposits across forth-mentioned fiat currencies.
A Distributed Banking Solution
The new improved and resilient deposit process has been described as a distributed banking solution to restore the accounts of KYC-approved customers. Under the new system, eligible users must initiate a fiat deposit through their exchange accounts, which involves specifying the exact amount and currency they plan to deposit.
A meticulous review process can take up to 48 hours, then the cryptocurrency exchange will send the user a deposit notification approving the transfer and providing the bank details specific to that individual transaction. The minimum amount of deposit is $10,000 and it will subsequently be processed within 6-10 business days from Bitfinex.
Bitfinex claims the new system is providing an additional level of security that is very important during the times of increased hyper-attacks on the cryptocurrency exchanges. An exact from the announcement read:
“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.”
Along with the new banking system and resuming fiat deposits, the circulating screenshots of the exchange platform also shows that there are new warnings for the customers specifically.
The page is dedicated to warning the users of the risks that come with crypto-exchange and how they have to prevent serious negative effects associated with personal information becoming public. Otherwise the consequences could damage not just a customer and Bitfinex, but the entire digital token ecosystem.
Bitfinex seems to be very careful about an exchange security level as the other day company has presented a reporting toolkit available for the exchange users. As Coinpeaker , a new set of tools is designed to help users gain greater control over their trades and give them useful insights into their activities on the trading platform.
The post appeared first on .
