Seed CX Launches New Wallet Features for Institutional Clients
Seed CX is offering each of its customers their own unique wallet in hopes that this will throw up roadblocks for any malicious actors looking to steal funds.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HDJBSE6WHZF4HPTFLY5I5DPTJA.jpg)
Institutional-focused crypto exchange Seed CX is launching a new wallet solution aimed at adding security and transparency for its customers.
The company, which raised $15 million in funding last fall, announced Thursday that its new wallet features on-chain settlement, and provides each customer a unique wallet rather than using omnibus wallets. Provided through its settlement subsidiary Zero Hash, the new wallets allow the exchange to synchronize its internal accounting on the appropriate blockchain.
As such, market participants can independently verify all deposits, withdrawals and other transactions associated with their wallet.
The new system also increases the number of wallets malicious actors would have to attack if they wish to steal funds, according to a press release.
Edward Woodford, co-founder and CEO of Seed CX, said in a statement that the exchange is looking to "make it as difficult for hackers as possible" to steal funds, and limit the amount that could potentially be stolen.
Woodford added:
Zero Hash public director Julie Myers-Wood explained that the company learned from issues other exchanges faced, according to a statement.
"Giving participants full visibility into their own unique wallets is a big part of that, but it’s not enough. Zero Hash has a wide range of operational controls designed to provide investors with a first-of-its-kind experience," she added.
Multiple wallets image via Nicole S Glass / Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.