Crypto exchange platforms use AES 256 encrypted storage says Mudrex CEO

Updated on Sep 16, 2021 10:46 PM IST  |  90.1K
   
Cryptocurrency, News, App
Crypto exchange platforms use AES 256 encrypted storage says Mudrex CEO
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In the past couple of years, the cryptocurrency market has boomed in India and most of us has done some amount of investment in the trending market. Numerous apps are there that offer a platform for cryptocurrency exchange. These apps and websites have made it easier for people to buy and sell cryptocurrency. One such platform is Mudrex which is known for offering a global crypto investment and to know more about the platform we have interacted with Edul Patel, CEO & Co-founder of Mudrex. We have asked him some questions about the cryptocurrency market and how it's growing across the globe. We have also asked him a question regarding the safety of the apps and websites which are already indulged in the business. Here are his responses to our questions. 

 

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How are cryptocurrency exchanges/platforms ensuring the security of the users? How are they protecting user data from possible hacking and breaches? What technology has Mudrex deployed to ensure user safety?
 

There are thousands of cryptocurrencies emerging every day. Scammers have stolen bitcoins worth millions of dollars from users and exchanges. One of the biggest heists has been witnessed in Poly Network Platform where hackers had returned $342 million (roughly Rs. 2,540 crores) of the currencies stolen. Crypto exchanges adopt a variety of methods to ensure the security of their users. A useful practice adopted by crypto exchanges is two-factor authentication and linking to specific IP addresses. 

Mudrex has been in the Crypto space for over three and half years, hence understands the user requirement very well. Security is at the core of Mudrex. We have worked hard to make our platform secure and to make our system hackproof, we use a variety of methods. 

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First and foremost, we collaborate with large, reliable partners to ensure that security is prioritised. We work closely with global exchanges with a good track record that ensures strong security practices. Our platform security is AWS ++. On top of that, we have integrated multiple other security measures such as whitelisting of IPs, 2FA setup, password reset at frequent intervals as well.

 

Secondly, from a security perspective, we use the best of services available via Amazon AWS to make sure that all tokens and data of the users are securely stored and no one in the company has access to it. There are multiple sets of security practices that we have adopted. For example, all data that we store is AES 256 encrypted, which is the gold standard of encryption, used to store user information. On our platform, we conduct multiple security checks on an individual level to strengthen the system further. 

 

What is the revenue model followed by crypto exchanges/platforms? 

 

Crypto exchanges have a variety of revenue models. These models are based on the P2P orders based trading such as liquidity, dynamic pairing tool and initial exchange offering. In Mudrex, there is a fee for different algorithms that you chose to invest with. The starting fee is as low as 1%-2% on an average per month for investing in these products. And typically users see 7%-8% on their returns.

 

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