Cryptocurrencies are best known for their investment opportunities and a growing number of investors and businesses are including them in their portfolios every day. Even though this trillion-dollar industry is growing quite fast, the security of most crypto platforms is lagging far behind.
$3.2 Billion; That’s the amount of stolen crypto in 2021 alone, according to Chainalysis Crypto Crime Report 2022, which is almost 6 times more than 2020. This shows the importance of security in the crypto space as the adoption continues to grow.
Users and businesses both play an important role in the security of assets. By following the general security tips, users can improve the security of their funds greatly. But, what about businesses?
Fully Insured Wallets
Just a few months ago, a security breach caused BitMart, a crypto exchange, to lose $196M of users’ funds. The attackers were able to gain access to two of BitMart’s hot wallets. It wasn’t the first hurtful incident crypto users had to encounter, and it definitely won’t be the last.
Crypto exchanges keep most of their funds in cold storage, however, hot wallets are required for trading as they have access to the internet. And hot wallets, as we saw with BitMart and many others, are an easy target for the attackers.
So as a user, what options do you have to avoid hacks while enjoying the user-friendly experience of a crypto exchange?
A few years ago, a security company, called Fireblocks, believed that crypto custody is beyond hot or cold storage. Fireblocks uses MPC, a cryptography technique, alongside a deposit address authentication network, policy engines, and chip-level hardware isolation to protect your funds against any internal and external threats.
Most importantly, Fireblocks’ insurance policies insure your assets against hacks and cyberattacks, human error, software bugs, and internal fraud.
Now, how can you get your hands on a Fireblocks Wallet?
DIFX Uses Fireblocks: Enjoy Secure, Fully Insured, Fast Wallets
DIFX is a cross-asset exchange that offers a comprehensive suite of products and services for customers to trade across stocks, indices, cryptocurrencies, forex, and commodities. By using the Fireblocks MPC Wallet, DIFX provides its users with a user-friendly, fast, and secure platform to trade and hold their assets.
At DIFX, your crypto is fully-insured against hacks, errors, and bugs. And that’s not all. You can enjoy increased transaction signing speed and lowered fees while trading across various markets.
After years of million-dollar hacks and devastating software bugs that robbed users of their funds, it’s time for businesses within the space to take responsibility and provide the best solutions for their customers.
As a DIFX user, you don’t have to worry about the safety of your assets, you can just relax and enjoy trading with a free mind. You deserve it!
Thanks to insured wallets, the opportunities are endless and DIFX has great plans to bring them all to you. Stay tuned to learn more about our Nomination Program, upcoming institutional integrations, rewards, and much more!