VNX Exchange And University Of Luxemburg Partner In Effort To Improve Digital Asset Security
The cryptocurrency world is far from perfect, but there are ongoing efforts around the world within the crypto community to make it better. VNX Exchange, a Luxembourg-based firm, decided to form a relationship with the University of Luxembourg, which will help with the security of digital assets. VNS was founded in 2017 to offer a trading platform and marketplace, and it is part of the Luxembourg House of Financial Technology (LHoFT), which is a fintech incubator.
As part of the partnership, the University’s role is to help VNX with the development of better security within the network. Their researchers with the Interdisciplinary Centre for Security, Reliability, and Trust (SnT) will help with the new establishment of their IT ecosystem, improving security for exchanges as well, adding the custody of assets in the crypto world.
One of the experts in network security for SnT, Dr. Radu State, noted that there are multiple concerns that need to be handled on the systems that register tokens on the blockchain. According to reports, State said that the “software layer” requires security that will protect transactions from vulnerabilities.
Founder and CEO of VNS, Alexander Tkachenko, commented that there will be additional regulations, protection for investors, and compliance with the standards of market for the exchange’s development. He added,
“In creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets we aimed to introduce modern security mechanisms that could totally secure our platform and could impact the global cybersecurity market.” Continuing, he added his belief in the market – “blockchain technology is the next big step in the financial sector's evolution.”
Last month, Bitstamp, which is also registered out of Luxembourg, was bought out by an investment firm in Belgium named NXMH. This company is owned by South Korea’s NXC Corp. Even though their volume has gone down by nearly 70%, it has continued to turn a profit as a result of height prices.
Earlier, in June, Ipsos held a study to examine ownership of cryptocurrency, finding that only 4% of individuals that own any kind of crypto assets are in Luxembourg. Apparently, those who responded in Spain, France, and Luxembourg focus mainly on the support of financial and bank advisors.