Singapore, SINGAPORE – VNX Exchange, a Luxembourg-based firm, has joined forces with the University of Luxemberg to help improve security of digital assets.
As part of the partnership, the University of Luxemberg will contribute to building higher levels of network security for digital assets. Researchers at the University’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) will construct fresh and dynamic IT frameworks to enhance exchange security and custody of crypto assets.
Founded in 2017, VNX offers a trading platform as well as a marketplace and is affiliated with the Luxembourg House of Financial Technology, a fintech incubator.
Regarding this partnership, an expert in network security at SnT, Dr. Radu State has said:
“Broadly, we need to address two aspects – protecting against criminals who might try to hack the system to steal money or information, and guaranteeing compliance with anti-money laundering and KYC regulations.”
Moreover, the CEO and Founder at VNX Alexander Tkachenko 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.”
Tkachenko also added that, despite the prolonged crypto winter which has resulted in declining trading volumes, the exchange has managed to retain profits due to crypto prices still being higher compared to the average throughout 2017.
Last month, Bitstamp, which is also registered out of Luxembourg, was bought out by an investment firm in Belgium named NXMH. Bitstamp remains tight lipped regarding the specifics of the deal, although rumours have it set at around US$400—in cash.