• Tue. May 28th, 2024

Norwegian Cryptocurrency Exchange MiraiEx To Utilize Ledger Vault For Securing Users’ Funds

May 24, 2021

As per the latest developments, MiraiEx is set to use Ledger Vault as the cryptocurrency exchange’s official method of securing the funds of its various users. The decision had been reached following increased concern for the continued safety and maintenance of the users’ digital assets and the need to protect and safeguard them as much as possible at all costs.

This development also coincides with the recent attack on PancakeBunny, where an attacker was able to successfully penetrate, steal, and then escape with nearly $200 million as part of a coordinated attack. The representatives of PancakeBunny declared this as less of a traditional hack and more of an economic exploit. However, there had nevertheless been a whopping 95% drop in investors, and it would be safe to argue that PancakeBunny might never be able to recover from this loss as the price also significantly decreased.

It is because of attacks such as the one pertaining to PancakeBunny that numerous cryptocurrency exchanges are sparing no expense towards improving security and safety measures so that a similar situation does not happen to them in the foreseeable future.

Security to be enhanced

MiraiEx is a crypto exchange company based in Norway. With the crypto industry becoming increasingly popular throughout the world, it is imperative that all cryptocurrency exchanges worldwide improve their respective security measures. To this end, MiraiEX has enlisted the services of Ledger Enterprise Solutions in an effort to have the cryptocurrency-asset reserve be secured via Ledger Vault. Ledger Vault is a custody platform (institutional grade), and it is primarily sought after by various crypto companies searching for new and advanced ways of beefing up security measures.

MiraiEx is also stated to be officially registered as a crypto exchange via the Finanstilsynet (Norway’s Financial Supervisory Authority) and is also acting as a custodial solution.

There are certainly many benefits to be had through the end-to-end security system and infrastructure that Ledger Vault provides. MiraiEx investors shall be in total control of their own assets as far as trading and offline storage may be concerned, and the control shall be exhibited without the need to compromise on crucial factors such as speed, governance, and flexibility.

Demand for Ledger increases

It had been back in 2019 when Ledger had gained a crime insurance program through which cryptocurrency assets were underwritten for nearly $150 million to be used for the Ledger Vault platform, which was led by London syndicate’s Arch UK Lloyds.

Having been launched a couple of months ago in March, the demand for Ledger has increased in a relatively short amount of time, and all customers of Ledger Enterprise Solutions, including MiraiEx, are entitled to gain benefits from the abovementioned custom pooled crime insurance.

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