With a purpose of consolidating the security of digital currency atmosphere, VNX Exchange based in Luxembourg and the University of Luxembourg have shaken hands to collaborate.
In the collaboration, it details that the University of Luxembourg will contribute to building higher levels of network security for digital assets. The researchers at the University’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) will be planning fresh IT frameworks to enhance exchange security, as well as custody of crypto assets.
Regarding this partnership, an expert in network security at SnT, Dr. Radu State expressed that “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.”
He added that security at “the software layer” must confirm that the contracts that manage individual transactions do not contain any vulnerabilities.
Moreover, the CEO and Founder at VNX Alexander Tkachenko stated on the matter, “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.”
He further added that the exchange’s expansion would need to have regulatory clarity, investor protection, and compatibility with current market standards. With that, he thinks that blockchain technology is the next big move in the financial sector’s evolution.
VNX founder pointed out that while trading volumes sunk 60–70 percent this year, the platform has remained profitable because of the fact that cryptocurrency prices are higher on average than they were for most of 2017.
VNX the exchange was established in 2017, which serves as a marketplace and trading platform for tokenized venture capital. Notably, VNX is a member of fintech incubator the Luxembourg House of Financial Technology (LHoFT), Infrachain and APSI (L’Association des Professionnels de la Société de l’Information). It claims to be creating the world’s first secondary market for venture capital (VC) investments with the help of blockchain technology.