Bitstamp, a cryptocurrency exchange revealed that it would utilize the Ledger Vault in order to securely store its digital assets. This would take place while facilitating superior custody options.
As per the official press release, the elastic wallet of the Ledger Vault would enable the exchange to carry out a safe and elaborate custody system with end-to-end hardware-backed transfers.
Vice President of Global Sales at Ledger, Alexandre Lemarchand asserted that they were previously approached by Bitstamp. The exchange was exploring to find a solution to safeguard its cryptocurrencies without endangering on liquidity.
As per David Osojnik the CTO of Bitstamp,
“Providing the ultimate level of security is our top priority and different types of customers have different requirements regarding storage. To provide the best possible service, we decided to integrate an additional secure crypto solution to custody digital assets. Ledger Vault’s state of the art tech will allow us to provide more options when it comes to the way assets are stored, without compromising security or performance.”
Previously on 9 October, Bitstamp had revealed that BitGo would render crypto-custody services particularly for assets below management in the platform. The assets would further be stored offline in their bank-grade Class III vaults.
Advanced management of assets along with a robust multi-authorization governance model would be put forth by Ledger in order to make sure that the exchange wouldn’t harbor any single points of failure. The CEO of Ledger Pascal Gauthier further elaborated on the same said,
“We are in 2019 and crypto assets still remain vulnerable in ways that other assets don’t. Forward-thinking exchanges like Bitstamp understand the importance of endpoint security to safely guard cryptocurrencies. I am thrilled to see them adopt the Ledger Vault technology to securely store their digital assets. Our solution will provide Bitstamp with an unparalleled level of security and agility, ensuring peace of mind to their retail and institutional customers.”
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”