Bitunix has announced the implementation of Proof of Reserves (PoR) to bolster transparency and ensure user trust. This verification method allows the exchange to demonstrate that it is fully backing users’ digital assets with sufficient funds in reserve.
Specifically, Proof of Reserves verifies whether the exchange holds a 1:1 ratio of user assets in its wallets, confirming that users’ funds are safe and accessible at all times. Most major crypto exchanges implemented reserve reports, with Poloniex joining the PoR camp just days ago.
Bitunix provides users the ability to verify their assets through the Bitunix website or using open-source tools. However, the current verification covers only major tokens on BTC, ETH, BSC, and TRX networks, with additional data to be released in a comprehensive report later.
New Security Measures & $5 Million Insurance with UK-Based Partner
In addition to enhancing transparency, Bitunix has announced a significant security upgrade, backed by a $5 million insurance policy in partnership with UK-based Nemean Services. This move underscores Bitunix’s commitment to safeguarding user assets and maintaining the highest security standards.
The partnership with Nemean Services integrates advanced security measures, including a backup system of data storage that leverages Multi-Party Computation (MPC) technology. This technology ensures private keys are never fully reconstructed, significantly reducing the risk of unauthorized access. Additionally, Nemean Services’ platform is ISO 27001-certified and SOC 2-compliant, offering robust protection for private key shares through cold storage and regular audits.
Strategic Partnerships Strengthen Security
Last year, Bitunix also joined forces with Cobo, a leading digital asset custody provider, to integrate its Wallet-as-a-Service (WaaS) into the Bitunix platform. Cobo’s custody solutions, known for supporting a wide range of blockchains and tokens, provide institutional-grade security to Bitunix users. The partnership includes the use of MPC technology, which adds another layer of security by ensuring private keys remain fragmented and secure.
Moreover, Bitunix is in the process of integrating Fireblocks, a renowned provider of secure infrastructure for digital asset management. This partnership will further enhance Bitunix’s security framework, offering state-of-the-art protection against evolving digital threats.
Ongoing Commitment to Security Excellence
Bitunix’s dedication to user security extends beyond these partnerships. The platform continually invests in and updates its security protocols to stay ahead of potential threats. Bitunix’s goal is to maintain a secure, reliable, and user-friendly environment where users can trade with confidence.
With its proactive approach to security, Bitunix remains at the forefront of the crypto exchange industry, prioritizing user safety at every step. The exchange’s partnerships with industry leaders like Cobo, Nemean Services, and soon, Fireblocks, reflect its unwavering commitment to delivering a secure trading experience.
Your Funds Are Safe on Bitunix
Bitunix invites users to verify their assets on the platform and take advantage of its enhanced security measures. By maintaining a 1:1 asset reserve and partnering with top security providers, Bitunix ensures a safe trading environment. Users are encouraged to explore these new features and experience the improved security and transparency offered by Bitunix.
