Cameron and Tyler Winklevoss of the Gemini Exchange claim to have built a better vault system to protect their customers’ bitcoin and cryptocurrency assets.
Gemini Brings On a Bigger, Better Vault
One of the big questions meandering through the crypto space as of late is, “How can we ‘insure’ people’s money? What can we do to protect money and ensure it remains safe from hackers?” After so many instances involving lost funds and personal data over the years, the question makes complete sense.
One of the big problems in the crypto space is the fact that many exchanges are not employing cold storage tactics. Many of the major hacks that have occurred in the past few years, i.e. Coincheck in Japan, are largely blamed on the exchanges themselves for utilizing hot wallet storage, which is far less secure. Cold storage keeps funds stored offsite or offline so that even if the trading platform is hacked, the money belonging to customers cannot be touched.
Now, it appears many firms based in the U.S. and abroad are looking to increase their cryptocurrency holdings tenfold, which means storage needs to increase along with safety features. The Gemini Exchange is looking into these necessities with its new vault system. In addition, it’s also expanding its custody division by including up to 18 new coins such as Bread and Enjin.
Tyler Winklevoss, the company’s CEO, explains:
The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds.
Now, customers have the option of garnering “instant liquidity” through the company’s offerings. They no longer need to wait to receive their assets from cold storage, but rather trades can occur in just a few minutes if not less time, ensuring customers gain access to their funds quickly and without delays.
A separate feature also allows clients such as hedge fund managers to audit and confirm asset amounts in Gemini-based accounts, providing proof to customers that their funds are accurate and well kept.
This Looks Kind of Familiar…
Gemini’s managing director of operations Jeanine Hightower-Sellitto explains:
At the end of the day, to simplify things, it’s sort of like putting your assets in a vault. You want to make sure when you want your assets, they’ll be there… It takes a lot of engineering to build and maintain this system.
What Gemini and other cryptocurrency firms are doing is no different than what standard banks, i.e. JPMorgan, Bank of New York and Citigroup, are doing with Wall Street. These banks and others like them have developed “back-office operations” to support traditional stocks and bonds. Gemini is doing the same, but for cryptocurrencies. Hence, many exchanges (or the coins they offer) are becoming far more in line with their traditional counterparts.
KuCoin has More to Offer: Get the KuCoin App on Google Play Store
Cryptocurrency exchange, KuCoin is spreading its reach. It has announced the release of its mobile application on Google Play Store.
Advanced cryptocurrency platform, KuCoin has announced the release of its mobile application on Google Play Store.
The development by KuCoin makes the features of the cryptocurrency exchange now accessible on a mobile application. Therefore, promoting the exchange and the crypto industry.
The KuCoin mobile app has exciting features.
First is an advanced KuCoin API. The KuCoin APIs are designed to offer an easy and efficient way to develop a secure and programmatic trading strategy.
Second is the different order types. The exchange offer users a suite of order types to give traders the tools they need for every scenario. The scenarios include Limit, Stop, Post Only, etc.
The exchange also provides a reliable security solution. Its multiple security mechanisms protect user information and funds through SMS authentication and the device trust system.
Lower maker fees are also ensured, which helps trading makers, creating high liquidity while also saving trade costs and improving trade efficiency.
The exchange also provides excellent customer support. The support team is available 24-hours a day to assist with any issues or questions.
Additionally, the KuCoin Websocket feed also provides an efficient notification module.
The mobile application can be downloaded on the Google play store here.
What has KuCoin been about?
KuCoin Exchange is a safe and efficient cryptocurrency exchange. The cryptocurrency exchange philosophy is to find the best available projects in the crypto industry. Also, their partnership with People’s Exchange makes it one of the few exchanges to offer both deposits and withdrawals features.
The exchange is also one of Chromia network providers and has a micro-blogging site.
Days ago, the company announced that it is preparing for its second anniversary. Thus, to lift the community’s spirit, it’ll be sharing some of its coins. The total worth of the giveaway is $150,000 and includes TRX, WIN, BTT and TRC20-USDT.
Nash launches its non-custodial exchange, seeks community input on MVP
On Monday, September 9th, Nash announced the official launch of its non-custodial exchange minimum viable product (MVP), two weeks following its initially planned launch date of August 23rd. The exchange can be found at app.nash.io.
Nash describes itself as a fin-tech company that uses blockchain in its tech stack. The exchange is Nash’s first product release, and features the ability to trade digital assets, as well as purchase certain cryptocurrencies with fiat currency. Nash’s exchange architecture is comprised of smart contracts and an off-chain matching engine that allows users to maintain custody of their assets while using the exchange.
Nash’s NEX token is a regulated European security token registered in Liechtenstein, which allows users to stake and legally collect revenue collected through trading fees on its platform.
Launch of the Nash exchange
Features available in the recently launched MVP include funds management, cross-chain asset trading, fiat ramps, and NEX staking. In a conversation with NEO News Today, Nash CTO, Ethan Fast said:
There aren’t really words to convey how excited I am that the product is finally out. Nash is based on non-custodial technologies that make it an enormously complex system, doing things that, quite literally, no other exchange has done before. Beyond that, I’m incredibly proud of our team — everyone rose to the challenge!
The launch of Nash’s exchange followed a two-week delay. On August 24th, Nash reported “some minor technical difficulties with the production platform,” and had to postpone the release. Despite extensive testing, the reasons for the delay centered around “several critical issues [the team] had not previously encountered on the TestNet environments.”
First, an AWS outage caused issues for Nash fiat currency partners, requiring Nash engineers to dedicate time to fighting network difficulties. Second, following an audit of Ethereum balances, Nash discovered discrepancies between public block explorers. Out of concern for security and user experience, Nash decided to deploy its own internal block explorer.
In preparation for the launch, the team then published a TypeScript SDK so that automated trading developers can integrate with Nash and opened a sandbox environment.
Following the delay, the Nash team held an AMA attended by Nash founders Fabio Canesin and Ethan Fast to address community questions.
Tiers, limits, KYC
Trading limits on Nash are determined by tiers, depending on the amount of KYC information provided to the platform. Unverified, or Tier 0 accounts, are limited to $1,000 trading per day.
Tiers, limits and, required information can be found below:
- Tier 0 – $1,000 per day, requires email address
- Tier 1 – $25,000 per day, requires email address, name, address, PEP check, photo ID, selfie, and date of birth
- Tier 2 – Tailored according to declarations, requires Tier 1 information, user net worth, source of funds, and a contact number
- Tier 3 – Unlimited and reserved for institutions, requires company representative, email address, company name, address, contact number, website, TIN, corporate formation documents, and source of funds
Nash published its know your customer (KYC) mobile application to Google Play and the iOS Store on September 1st.
To increase tiering status on the platform, users can download the Nash App on iOS or Android to complete the required KYC process. Users must first create an account on the Nash website, and then use the KYC app and a QR code on the trading platform to verify their identity.
Currently, users are only able to verify their identities through Tier 1 verification.
In the future the Nash App aims to:
- Easily manage accounts for multiple blockchains and use Nash’s exchange to trade digital assets in a performant, non-custodial manner.
- Offer the ability to purchase digital assets with fiat currencies through various currency partners.
- Connect accounts to Nash Pay and purchase goods online with an automatic currency conversion service through the Nash exchange.
Following the launch of Nash’s exchange platform, the development team is seeking community input from platform users. In a community post, Canesin said:
To help us begin refining the MVP, we would now like to invite the Nash Community to send feedback through this forum. If you participated in our beta feedback rounds, this process will look very familiar. If not – welcome to the Community!
A link to provide feedback on the Nash exchange can be found below:
Gemini Reveals New and Improved Custody Service
Today, the cryptocurrency exchange Gemini revealed that it has launched an institutional-grade crypto custody service called Gemini Custody.
In a Medium article posted on Sept. 10, Gemini’s new custody solution will enable customers to store crypto offline, check balances, whitelist withdrawal addresses, download account statements, and supply auditors with access balances, transactions, and activity.
Assets held in custody can also be traded on the Gemini exchange without having to transfer the assets from the offline wallet as they will be using the credits supplied by the exchange.
Gemini Custody will be available for 18 cryptocurrencies including: Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash, and the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG). The post also stated that they will be expanding their list with new coins in the near future.
Gemini Trust Company, LLC is a company and Qualified Custodian which is regulated by the New York State Department of Financial Services under Section 100 of the New York Banking Law.
While Gemini has been providing custodial services since they established their platform in October of 2015, Gemini Custody incorporates more features for its customers.
Tyler Winklevoss, Gemini CEO, that the further development of crypto relies heavily on custodial security.
He added: “From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”
Jeanine Hightower-Sellitto, managing director of operations of the company said that the custody is a solution that deals with the issue of regulatory and security issues:
“Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements.”