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MoonXBT Works with Fireblocks to Add Best-in-Class Digital Asset Security to the Platform

MoonXBT Works with Fireblocks
MoonXBT Works with Fireblocks

MoonXBT, the young innovative social trading platform, has recently integrated the leading provider of digital asset technology, Fireblocks, to strengthen security and customer and investor assets on the platform.

For any legit exchange, security is one of the most important risk issues to tackle. Cybercriminals have existed since the creation of the internet, but no other attracts hackers like crypto exchanges do because of the huge amounts of capital flow at the exchanges every day. According to Hackernoon, over 60 major cryptocurrency hacks have occurred since 2011 causing $12.6 billion of losses from investors.

One of the most common targets of hackers is the hot wallets of the crypto exchanges. For instance, the most famous crypto theft of Mt. Gox happened because hackers gained access to the unencrypted wallet.dat file which stored private keys to the funds. This resulted in the loss of almost 800,000 BTC with a value of nearly $24 billion at today's price.

Although founded last year, MoonXBT is very well aware of the importance of asset security to a crypto exchange especially given the timing right now. After one year’s development, MoonXBT has grown from a derivative-driven exchange to a full-fledged platform that offers futures, options, and spot trading. Also, with a well-established brand in social trading, the platform has attracted more than 200,000 users from countries such as Southeast Asia, Turkey, Russia, and Latin America and is now the number three crypto exchange in Vietnam.

With the increasing users and trading volume, it is time for MoonXBT to seek growth to the next level, and solving the security issue regarding asset safety is a must to start the further journey.

For MoonXBT, Fireblocks provides battle-tested secure direct custody technology, allowing MoonXBT to maintain control of its own private keys. Fireblocks provides enterprise-grade and secure infrastructure for moving, storing, and issuing digital assets. Fireblocks’ uses a multi-layer security solution that combines a private key protection layer with multi-party computation (MPC) to eliminate single point of failure and isolated hardware protection.

Fireblocks’ technology has been adopted by some of the biggest crypto exchanges and operators in the world such as BlockFi, Coinbase, and Binance. Fireblocks partners with more than 1,400 clients ranging from traditional financial institutions to crypto exchanges. It has secured the transfer of over $3 trillion in digital assets on the platform. Now with cooperating with Fireblocks, MoonXBT is able to leverage the solutions provided by the platform to store, process, and settle the crypto assets of the users much more securely with reduced vulnerability to cyber attacks. This also helps the platform to strengthen its platform credibility and showcases MoonXBT’s full commitment to protecting the benefits of the users. Moreover, one of the other distinguishing features of Fireblocks is its transfer network. The Fireblocks Network supports easy and secures digital asset transfers across its 1,400 clients, supporting over 35 blockchain protocols, more than 30 exchanges, and 1,000+ tokens. With this network, MoonXBT can carry out asset transfers and settlements with other institutions in a safer and faster way. This in turn helps MoonXBT with its liquidity which is vital for the prosperity of a progressive young exchange. Last but not the least, MoonXBT is also aiming to build the ecosystem by incubating creative projects in Defi, Gamfi, and others in the longer run. Partnered with Fireblocks, MoonXBT will have better tools to manage a bigger variety of digital assets including NFTs, DeFi products, and even DAO. With the security cornerstone, MoonXBT will accelerate its pace in pursuing sustainable growth.

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