Coinchange, a Canadian-based DeFi (decentralized finance) platform for trading and earning high yield on cryptocurrencies, has made tremendous headway in developing some of the most robust security measures seen to date.
The company’s mission is to allow customers to earn high yield on their cryptocurrencies in a safe and secure manner, mitigating risk as much as possible along the way. To do this, Coinchange has formed partnerships with some of the leading custody, safety, and insurance companies:
- Fireblocks: Provides $30 million in insurance to protect investor assets in case of cyberattacks, technology flaws, internal employee theft, and more using MPC cryptography combined with hardware isolation. It also has an SOC2 certification
- Coincover: Offers protection of user funds, allowing for asset recovery in the event that the business or customers lose access to private keys
- Grant Thornton: One of the most reputable accounting and advisory firms in the United States – conducted a full audit of Coinchange
KYC (Know Your Customer) verification and AML (Anti-Money Laundering) global compliance standards are among other security considerations that have been put in place thanks to partnerships with Jumio and Chainalysis, respectively. Coinchange uses Messari to provide market risk data and research to help bolster further security efforts.
Certified, DeFi Safety, CertiK, TokenInsight, and Simetri, to name a few. Coinchange is able to determine protocol security through collecting an aggregate safety score based on these firms’ reviews and data of DeFi protocols.
From an internal perspective, Coinchange has put together a robust risk assessment framework where the team closely researches and screens DeFi protocols to flag risks and vulnerabilities, while also leveraging an advanced algorithm at the smart contract level to offer features such as portfolio rebalancing, hedging, positioning funds in stablecoin liquidity pools, and more.
The company is working with CYE, a notable cybersecurity firm, and onboarding its Founder & CEO Reuven Aronashvili (winner of the 2021 Cyber Security Entrepreneur of the Year) as a security advisor to help with guidance and strategy on advancing security protocols.
Maxim Galash, CEO of Coinchange, commented on his company’s progress in this area:
“Our organization is all about bringing transparency and security to DeFi. We want our customers to feel confident that their assets are in good hands on our platform, so they can earn high yield and trade cryptocurrencies without having to worry about losing their funds. With the protocols and partnerships we’ve put into place, in addition to ongoing work with top firms on penetration testing and other security measures, digital asset protection on Coinchange has never been stronger – and we only see it getting better from hereon out.”
With growing concerns regarding the risks and vulnerabilities within DeFi protocol smart contracts and CeFi (centralized finance) lending platforms where users can earn yield, Coinchange offers an alternative solution that eliminates the majority of risk investors are otherwise exposed to.
Founded in 2018, Coinchange Financials Inc. has since become a rapidly-growing digital asset platform. The company is registered in Canada and accepted in 33 states in the US. The Coinchange app can be downloaded from the App Store and the Google Play Store.
Twitter| Facebook| Instagram| Telegram Announcements.
Disclaimer: Any information written in this press release does not constitute investment advice. CoinQuora does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release. CoinQuora is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release.