As the crypto industry continues to grow and hacks appear to be proliferating with it, providing reliable security to our clients has never been more important. Presently, the standard for cryptocurrency exchanges is to secure over 90% of customer funds offline in hardware wallets. This, however, leaves 10% or just under that, at-risk in online or “hot” wallets, which are those that quite frequently end up being hacked, often resulting in millions of dollars of losses.
Ledger Vault: what is it and why did we choose it?
The fact is, there’s a simple way to attack this problem: Ledger Vault.
Using the same foundational technology as a cold-storage cryptocurrency wallet, Ledger Vault allows us to keep only the amount of funds needed for day-to-day operations in hot wallets, with everything else stored offline without sacrificing the speed or efficiency of our platform. In other words, it’s a cold-storage system that’s engineered for institutional scale. As of now, Ledger Vault is live, which means that we have a share of Ledger’s $150 million insurance pool, which protects your funds per the Ledger Vault policy.
Now you can rest even easier as you invest or trade on the NBX platform. As we scale, the idea is that no matter how big we get, your crypto will always be secure.
By following this blog, you’ll always be plugged into the latest happenings at NBX. If you’re reading this and you’re not one of our clients yet, check out our posts on the NBX story and roadmap, then consider signing up with us! We’re continually working our way to being a leading, forward-thinking cryptocurrency exchange that’s accessible to all.