New Wallet Solution to Increase Transparency and Customer Safety

New Wallet Solution to Increase Transparency and Customer Safety

By Capital Markets CIO Outlook | Wednesday, March 20, 2019

Digital assets have attracted increasing interest from institutional investors, despite the issues relating to the regulation, security, and reliability of sites exist. Today, the most significant trading venues, commonly referred to as crypto exchanges serving individual investors and traders, are restricted to spot trading and are often unregulated or based in foreign jurisdictions.

Seed CX is the institutional digital asset trading platform that provides the operational excellence, market protection, technology infrastructure, and dedicated support needed to enter the digital asset market confidently.

Seed CX recently launched a new wallet solution to increase customer safety and transparency. Last year, the company raised $15 million to finance this solution. Seed CX and its settlement subsidiary Zero Hash, a crypto and fiat currency custodian providing on-chain settlement services, developed this new wallet solution. The new wallets, provided by its settlement subsidiary Zero Hash, enable the exchange to synchronize its internal accounting with the relevant blockchain.

The company recently announced its new wallet features on-chain settlement. The on-chain settlement helps Seed CX provide trading companies with a cost-effective and high-performance experience, as well as the demand for operational and financial security investors.

Moreover, users of the Seed CX platform will each be assigned a unique, separate wallet, which the company argues is safer than existing multi-user, omnibus wallet solutions offered by other exchange companies. Seed CX argues that the distribution of digital assets through multiple single wallets helps to mitigate the risk of threat actors accessing pooled assets through a single attack vector.

Zero Hash has a wide range of operational controls designed to give investors an excellent experience. In order to provide a higher level of anonymity for its on-chain solution, Zero Hash would also generate new wallet addresses for each user each time transfers between wallets take place. It is achieved by making the movements associated with a single wallet less visible to other market players.

Other operational safeguards would include restricting the user’s or an authorized delegate signer’s access to the withdrawal of assets. And, the whitelisted address functionality is used for determining pre-approved destination wallets and multi-signature security.

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