Coinone Partners with Two Companies to Revamp Security

South Korean crypto exchange Coinone has partnered with two companies - CertiK and Xangle - to bolster its security and transparency.

According to Wednesday’s announcement, CertiK will provide public disclosure for the exchange, including audit information, verification of technology, and project information security. Xangle, on the other hand, will be responsible for ensuring investor protection and project transparency.

Founded in 2017 and backed by Binance Labs and Consensus Labs, CertiK specializes in the verification of blockchains and smart contracts. It also launched a native Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term last month.

Seoul-based Xangle provides digital currency disclosure services and summarises structure and fundamentals of a token like formal name, registered address, and even pricing.

Coinone is the third-largest crypto exchange in South Korea and, according to Coinmarketcap.com, handled more than $65 million worth of crypto trades in the last 24 hours.

Regulatory crackdown on crypto exchanges

This move by the exchange comes at a time when global regulators are strictly scrutinizing crypto exchanges for any lapse in security and transparency. South Korean local watchdogs are also raising concerns over the issues of money laundering through digital currencies and are working on tighter KYC guidelines and processes.

Finance Magnates recently reported that the South Korean market watchdog, the Financial Services Commission (FSC), is planning to directly regulate the crypto exchanges operating in the country. The agency is certain that it can prevent money laundering with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term if the exchanges come directly under its purview.

Over the past years, many South Korean crypto exchanges became targets of hackers and lost millions of dollars. Bithumb, the largest exchange in the country, was hacked two times in a single year and lost $50 million in the process. Last year, multiple South Korean crypto exchanges along with Coinone were raided by the country’s tax authorities amid the abrupt bankruptcy of YouBit.