Cube.Exchange has launched the Guardian Council, a robust assembly featuring industry stalwarts such as the Solana Foundation, Everstake, Triton One, Juicy Stake, and Kiln.
This strategic coalition aims to establish a bulwark against unauthorized withdrawals, ensuring a fortified trading environment on the cryptocurrency exchnage.
Crypto Unites to Prevent Fraud
The Guardian Council embodies a pioneering multi-party validation system, mandating consensus among diverse entities for transaction approvals.
This approach decentralizes decision-making andinstills a multi-layered defense mechanism against potential misuse of customer funds. Therefore, it significantly reduces the risk of financial wrongdoing and crypto fraud.
Cube.Exchange’s initiative is a direct response to the industry’s urgent need for heightened security measures. Especially, after the FTX collapse, highlighting the vulnerabilities inherent in centralized exchanges. By integrating independent third-party validators into its operational framework, Cube.Exchange sets a new industry standard.
“The Guardian Council is just the beginning of this effort, and we will continue to bring to market more innovations that put security and user trust first,” Bartosz Lipiński, Cube.Exchange’s CEO, said.
Read more: 10 Best Crypto Exchanges and Apps for Beginners in 2024
Further bolstering its market position, Cube.Exchange recently announced a $12 million Series A funding round led by 6th Man Ventures. This financial infusion is poised to accelerate the platform’s growth trajectory, enhancing its hybrid exchange model.
Unlike traditional crypto exchanges, Cube.Exchange ensures that users retain control over their assets through MPC wallets, with transactions facilitated by an off-chain matching system and settled on the blockchain.
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