PR: Anxone Provides Multi-Layer Security For Crypto Storage
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Security for digital assets: Investors, exchanges, custodians
Hacking is a front and center issue for digital asset exchanges. Especially given its worrying year-over-year increases, from US$152mn in 2016 to US$950mn in 2018. Our current year 2019 has already posted over US$1bn in lost assets due to hacking, which puts security as a paramount consideration for digital asset markets to continue growing and maturing.
Security for investors
Investors store digital assets in hot and cold wallets. As a brief recap, a hot wallet is connected to the Internet and is largely used like a conventional checking account – for day to day transactions and transfers. Only the amounts needed for such uses are stored there, as its visibility on the Internet makes it the most prone to hacking; and indeed, all of the hacking previously mentioned happened to assets being stored in hot wallets on exchanges. A cold wallet is disconnected from the Internet and is the digital equivalent of a savings account; such is where the majority of an investor’s assets are held. It is safer and more secure than a hot wallet.
Because of the inherent vulnerabilities of hot wallets, investors are advised to balance them with cold wallets for the storing of their assets. But cold wallets also have vulnerabilities – for example, the private key, which is needed for all transactions, might be lost; or the holder of a private key may be otherwise coerced into giving it up through threats of various kinds.
Enter the role of next-generation exchanges like ANXONE, which have designed best-in-class security measures to protect investor’s assets and safeguard against hacking. Features include highly secure vaults, hot and cold wallet storage, multi-layer security protocols for both hardware and software, and a governance framework built by a team of seasoned security technologists.
Security for exchanges
The large-scale hacks of the past few years are evidence that hackers have become increasingly sophisticated. It is thus imperative for exchanges to be uncompromising in their approach to security.
Exchange technology providers like ANXONE have a ready solution for those wishing to set up and operate an exchange for trading digital assets. Although their exchange solution covers all essential pillars – liquidity, performance, compliance, and security – its approach to security is particularly noteworthy, due to it being designed specifically for the needs of institutional investors. And because such investors require rigorous security assurances, ANXONE has had to design their solution to deliver unparalleled controls for preventing hacks and other threat vectors.
The emergence of custody
Parallel to improvements of exchange security has been the emergence and growth of digital asset custody solutions, which are being hailed as a turning point for the token economy. Seen as a necessary prerequisite for institutional investors to enter digital asset markets and as a general advancement in security, custody is promising greater protection for investors’ assets.
ANXONE has developed and launched a one-stop, professional-grade custody solution to do just that. Its features include security infrastructure built in DoD-certified (Department of Defence) faraday cages and operated from top tier data centers; customized wallet solutions, which include the ability for clients to conduct frozen-wallet-only fund transfers and the option to integrate with industrial wallet solutions or manage their own cold storage systems; crime insurance, offered through a panel of London-based, third-party insurers arranged by AON; and a platform that is regularly updated in terms of its supported tokens, technology, processes, and security protocols.
About ANXONE Solutions
ANXONE Solutions is an industry pioneer and provider of blockchain technologies with a growing suite of products and services. Our digital asset exchange solution enables you to build a branded exchange and deploy it within 30 days. We manage end-to-end development, configuration and implementation of your turnkey platform, so you can focus on launching and growing your business.
Our custody solution is the first to be insured and audited in Asia, and covers hot and cold wallets. It is a proprietary solution designed to meet the full range of custodial needs – digital security, physical security, process security, insurance, customized wallet solutions, and more – for trading in digital assets.
To learn more, visit ANXONE website or contact sales@anxone.io.
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