-- SINGAPORE / SINGAPORE / JANE WALSH / DECEMBER 17 2019 / In recent years digital hackers have stolen millions of dollars’ worth of cryptocurrency. ecxx, who recently partnered with Ledger Vault, recognised the importance to provide a much higher level of security for crypto holdings. They introduced a 3-steps withdraw procedure to avoid hacks and theft. This procedure involves multi-authorisation levels prior to enabling a transaction to complete. A giant leap in terms of digital asset security, placing ecxx one step ahead of the competition.
The 3-steps withdraw procedure consists of three components – operation, compliance and finance. All of these sections independently verify the transaction and then authorise it. Funds cannot be withdrawn without having received three independent authorisations.
“It is very important for us to ensure that all of our clients are heavily safeguarded with world-class multi-layer security systems,” says Branson Lee, the CEO and Co-Founder of ecxx. “We see regulation and government licensing as critical factors that will drive the future of the blockchain and cryptocurrency space. Our 3-steps withdraw procedure is yet another security measure we have put in place which reinforces those values.”
ecxx is continuously looking for security solutions for digital asset holders. Blockchain technology and the 3-steps withdraw procedure coupled with its partnership with Ledger Vault, ensures ecxx have the best solutions to protect against potential threats in the crypto market.
Blockchain is not simply the technology behind Bitcoin. It is a decentralised, distributed ledger of transactions which are stored permanently and cannot be altered by using cryptographic techniques. Contrary to traditional databases, administered by a central entity, blockchain relies on a peer-to-peer network. The big difference is that no one party can control the authentication of transactions, making it virtually impossible to manipulate. Hence why the system is so safe. The Economist calls it a “trust machine”.
Ledger Vault is a multi-authorisation cryptocurrency management solution for financial institutions. ecxx is the first digital platform in Asia to use Ledger Vault technology. The company’s partnership with Ledger Vault enables financial institutions to build digital operations at speed and scale. Demetrios Skalkotos, Global Head of Ledger Vault, said, “Secure storage of large digital funds is complex, and institutions are looking for safe, comprehensive and integrated storage solutions. This integration ensures that customers have total control and peace of mind that their possessions are secure, without sacrificing convenience.”
The owners of ecxx are committed to keeping up with the times. They feel it is primordial to provide their clients with a solid product aligned with their mission to include maximum security and peace of mind.
Release ID: 88937526