Cryptocurrencies are the best liquid assets one can hold today, and they also happen to be the most sophisticated ones. Within ten years of the launch of Bitcoin, digital tokens have become the most sought after assets, and are considered to be the future of global monetary systems.
One of the major reasons that made cryptocurrencies so successful is security which they brought to the table due to the underlying blockchain technology. However, in the recent past, say for the last couple of years, several attacks of crypto exchanges and wallets have been carried, stealing away millions of dollars. Especially, with the steep rise in the number of crypto users across the globe, the risk of vulnerabilities has also increased.
Crypto companies have recognized this, and are making efforts to create awareness among users on basic security measures because as the user base is increasing, the ratio of tech-geeks to ordinary people is reducing enormously. This means that crypto users need information about crypto assets now more than ever. One such company is the US-based crypto exchange, Gemini, which has taken serious steps to safeguard the crypto assets of its users.
The exchange, on Thursday, tweeted that it has introduced various initiatives to keep the crypto assets safe. One of such initiatives is the self-service tool called Whitelisting Withdrawal, which would introduce an additional layer of security on all Gemini accounts.
— Gemini (@Gemini) May 2, 2019
The tweet also included a medium.com blog by Jim Rouse, Chief Information Security Officer at Gemini.
Tyler Winklevoss, co-founder and CEO of Gemini, also tweeted regarding the newly launched services, and also shared the same blog post on medium.com.
— Tyler Winklevoss (@tylerwinklevoss) May 2, 2019
Rouse’s blog post explains in great detail about the services launched, which are aimed towards enhancing protection and security. He stated,
Security has been a pillar of Gemini since our inception. Our security-first mentality is baked into all of our products, serving as a true differentiator in the cryptocurrency industry. Our industry-leading SOC 2 Type 1 security compliance demonstrates our commitment to security and building trust in cryptocurrency as an asset class — trust is our product.
Rouse mentions a few important points about security, which people tend to stop when losing. He spoke about Two-factor Authentication, Password and Account Access, Account Management, Withdrawal Ban and Whitelisting, and Trusted Protections.
While discussing Whitelisting, Rouse wrote that in order to withdraw money, users would need to complete their on-boarding process, which includes uploading a government ID proof. He further added,
For added security, you can use withdrawal address whitelisting to (i) ban cryptocurrency withdrawals, or (ii) restrict them to specific, approved addresses only. This ensures that in the unlikely event of an account takeover, your cryptocurrencies on Gemini cannot be sent to an unknown address.
Crypto markets are expanding exponentially, and many experts have said that the electronic money could take 50% of the global economy under its wings as early as 2025-2027. However, if this has to become a reality, security vulnerabilities will have to be eliminated completely. Even the slightest opening could cost billions, given the size of the world’s economy.