Bitunix Announces Major Security Upgrade: $5 Million Insurance Backed by UK-Based Security Partner

Singapore, Singapore, August 22nd, 2024, Chainwire

Bitunix, the fastest-growing cryptocurrency derivatives exchange, is committed to providing its users with the highest level of security. As part of its dedication to safeguarding user assets, Bitunix has forged strategic partnerships with industry leaders and implemented comprehensive security measures.

Security through Strategic PartnershipsUnderstanding that the security of digital assets is important, Bitunix partnered with Cobo, a top-tier digital asset custody provider, in June 2023. This partnership integrates Cobo’s Wallet-as-a-Service (WaaS) into the Bitunix platform, offering users institutional-grade security. Cobo’s custody services are renowned for their efficiency, supporting a vast range of blockchains and tokens, and ensuring that user assets are protected. A key component of this security is Cobo’s use of Multi-Party Computation (MPC) technology. MPC ensures that private keys are never fully reconstructed at any single point, significantly reducing the risk of unauthorized access or hacking. This collaboration showcases Bitunix’s commitment to providing a secure environment where users can trade and manage their assets with confidence.

Bitunix has also teamed up with Nemean Services to boost the protection of user assets. UK-based digital asset security platform Nemean Services operates a backup system of data storage, leveraging the security benefits of the MPC model, in conjunction with its clients and custodians. Nemean is an ISO 27001-certified and SOC 2-compliant platform, specializing in the cold storage, safeguarding, and auditing of private key shares.

The partnership between Bitunix and Nemean Services provides an additional $5 million in insurance coverage, offering peace of mind to the users by ensuring that their assets are protected against unforeseen risks.

Bitunix co-founder Arron Lee shares his vision: “Security is not just a checkbox for us, it’s at the heart of everything we do. We know how important it is for the users to feel safe, and that’s why we are going above and beyond.”Ongoing Commitment to SecurityAt Bitunix, security is not just a feature—it is the foundation of the platform. The exchange is constantly investing in and upgrading the security protocols to stay ahead of potential threats. The partnerships with Cobo and Nemean Services are just part of a broader strategy to ensure that Bitunix remains a leader in user security. In addition to existing collaborations, Bitunix is in the process of integrating Fireblocks, a leading provider of secure infrastructure for moving, storing, and issuing digital assets. It uses advanced Multi-Party Computation (MPC) technology to safeguard private keys. The platform is widely used by institutional investors, exchanges, and financial institutions to ensure the highest level of security for digital assets.

Bitunix recognizes that the crypto space is growing daily in user count, and so too are the threats that come with it. This is why Bitunix remains proactive in exploring new technologies and forming alliances with top security providers. Bitunix’s goal is simple: to continue providing a secure, reliable, and user-friendly platform where the users can trade with absolute confidence.

Bitunix's GrowthBitunix's commitment to user security is at the core of everything the crypto exchange does. Through strategic partnerships and dedication to implementing the best security practices, Bitunix ensures that the users' assets are protected at all times. As Bitunix continues to grow, it will remain vigilant in the pursuit of security excellence, always prioritizing the safety of its users.

About BitunixBitunix is a global crypto derivatives exchange founded in 2021, registered in Seychelles, offering highly secure, and cost-effective trading services to its users. The platform specializes in both crypto spot and perpetual futures trading, boasting more than 250 crypto trading pairs with up to 125x leverage. Bitunix has attracted over 1,000,000 users from 100+ countries.

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This article was originally published on Chainwire

Source: Investing.com