Institutional cryptocurrency trading firm Seed CX announced late on Thursday afternoon that it is launching a new digital asset wallet with on-chain settlement. As with its other products, the firm hopes that the solution will enable more institutional traders to enter into the world of cryptocurrency trading.

“Seed CX is purpose built to provide the security and stability institutional investors demand, and the cost-efficiency and performance that large liquidity providers require,” said Edward Woodford, Co-Founder and CEO of Seed CX. “On-chain settlement helps Seed CX provide trading firms with an experience that is both cost effective and high performance, while also providing the operational and financial security investors demand.”

Discover iFX EXPO, Your Gateway to Asian Markets!

Unlike many retail exchanges, which often hold client deposits in a single wallet, Seed CX’s new solution will allow each market participant to deposit into their own wallet.

Wallet security, Seed CX style

The most obvious benefit accrued from doing that is greater security. Cryptocurrency exchange hacks, which have cost retail investors close to a billion dollars in the past couple of years, are usually so damaging because, if a hacker gets access to an exchange wallet, they can steal all of their clients’ funds.

Seed CX’s approach means that, if a thief manages to gain access to a wallet, they can only steal one individual’s funds. Annoying for that person, yes, but much less damaging than an exchange-wide hack.

On top of this, Seed CX’s wallet is set up so that withdrawals can only be made to a preset wallet. Thus, if a hacker gains access to your account, they can’t just send funds to their own wallet.

“In any market, there is a risk of bad actors, and our focus is first to make it as difficult for hackers as possible, and second, to limit the potential gain for their efforts,” added Woodford. “Our hope is to make the risk reward calculation for an attack to be as unappealing as possible.”

Source



Follow us on Linkedin | Twitter | Facebook

LEAVE A REPLY

Please enter your comment!
Please enter your name here