Exchange hacks and loss of funds should be a thing of the past!

Some crypto users are wary of putting their funds in exchanges because hacks have resulted in huge losses over the years and continue today.

We believe that exchange hacks and loss of customer funds are unacceptable in this day and age, and exchanges are responsible for ensuring customer funds are safe.

As a new company, we had the opportunity to build a secure system from the ground up and hope that our efforts (along with those of other companies) can help change some crypto users’ unfortunate but totally justified perspective.

Here we explain why we chose to use Fireblocks technology as a backend for our app, how our wallets work, the benefits for our users and give you some insight into how powerful our technology is.

Enterprise-grade multi-layer security for everyone

Have you ever heard about Celsius, Prime Trust, Genesis or Revolut being hacked? Have you ever heard about an Algo Trading firm or Market Maker being hacked? You probably haven’t, not because it hasn’t hit the news, but because these types of entities are using institutional-grade technology to secure customer funds.

We want to inspire confidence in our customers. So, when researching possible backend solutions for our application, the objective was to identify the institutions who do not have security issues, find out what technology they are using and build an equally secure system. And that is what we have done.

Fireblocks is the leading wallet/backend tech provider. The technology is battle-tested and incredibly powerful.

To quote the Fireblocks site:

“Fireblocks is built using next-generation technology to help you solve tomorrow’s operational and security challenges. The multi-layer security matrix layers MPC, Intel SGX, our signature Policy Engine, and a deposit address authentication network to deliver the most impenetrable system on the market.”

If you are not technical, this probably doesn’t mean much to you, but the following information will give you an idea of how trusted the Fireblocks platform is.

Over $400 Billion has been securely transferred using the Fireblocks platform to date. Their systems have been operational since 2017, there have been zero hacks, and over 500 of the leading institutions use their tech.

The benefits of a BitcoinVend wallet

The Fireblocks system is arguably more secure than a hardware wallet like Ledger or Trezor. And the wallets are faster than hot wallets.

No humans ever see or control the private keys, and they never meet on a single device. The entire transaction signing process is encrypted and automated. There is no single point of failure; hackers or insiders cannot compromise the key.

All funds stored within the app are insured against wallet level hacks.

The power of our technology

In addition to our backend being the most impenetrable system on the market, it enables us to connect to a wide range of product/services providers in the crypto space, save you time and save you money!

The BitcoinVend app can:

• Cut on on-chain transaction fees by up to 90%
• Reduce the number of confirmations needed before funds become spendable
• Securely connect to 50+ trading venues and liquidity providers
• Securely connect to yield generating solutions (including Defi solutions)

Take Note: Actual features and functionality may vary and are subject to change.

Conclusion

Here at BitcoinVend, we take security incredibly seriously. We also like saving money and pass those savings onto you (the user) – this institutional-grade technology is offered to every user at zero cost.

Our goal is to create the most powerful, secure and straightforward exchange app on the market.