Taking a Pause to Secure cryptocurrency trading
Estimated reading time: 4 minutes
Slowly and surely, cryptocurrency is entering mainstream as a viable investment instrument, along with concepts like exchanges and wallets.
With so much to learn about how blockchain actually works, a few concepts have emerged as vital to grasp so potential investors can navigate the landscape and at least make informed decisions.
Biteeu’s CEO Talgat Dossanov explained, “A cryptocurrency exchange is a platform in which you can buy, sell, or trade any cryptocurrency. It usually offers many cryptocurrencies including the popular ones such as Bitcoin and Ethereum, and Ripple.”
He added that cryptocurrency exchanges are also called digital asset exchanges. “It is like traditional stock exchange, but the key difference is that cryptocurrency exchanges are open for trading 24×7, all year round.
“It never sleeps, does not have any holidays so you can trade any time, anywhere in the globe.”
Biteeu itself is a cryptocurrency exchange, that is virtual and fully-compliant with local laws and international acts. Thanks to a partnership with Bittrex, another cryptocurrency trading platform, Biteeu is adding to the number of virtual currencies it currently trades, which is over 50.
Upping security
Talgat shared that Biteeu became the first exchange in the world to be certified with ISO27001, an international standard on how to manage information security.
“So, once we obtained that certificate we started looking for other ways on how to improve security and safety, basically how to make a cryptocurrency platform more secure.”
The idea is that space-grade infrastructure that orbits Earth, is able to provide users with immense security-related benefits compared to cryptocurrency exchanges with land-based servers.
At around that time as well, space commercialisation was being talked about and Talgat along with his team found themselves inspired by all the initiatives happening in that area.
They immediately saw that space commercialisation can offer a platform of business innovation for private enterprises.
“Then we met our partners from SpaceChain who provided us with a solution which allows us to perform ultra-secure multi-signature cryptocurrency transactions and backup in space.”
The idea is that space-grade infrastructure that orbits Earth, is able to provide users with immense security-related benefits compared to cryptocurrency exchanges with land-based servers.
“So we strongly believe with our partners from SpaceChain, we can provide our clients with the safest experience and safest platform in the world to trade,” Talgat said.
He also explained that the exchange uses computer systems like those used on earth, but because there is no gravity in space, they come in different form factors and user interfaces to facilitate better use and access. https://spacechain.com/
“Our partners from SpaceChain have this full space infrastructure, and we just uploaded our backup servers into their existing infrastructure, and all this was launched into space last June.
Taking a Pause for security
Biteeu has retail as well as institutional customers who currently trade on their platform. “Business-to-business (B2B) clients historically keep large amounts of crypto in our exchange. They process more transactions, they trade in large amounts for cryptocurrencies.
Multi-signature is a security feature whereby two or more ‘keys’ are required to validate a transaction. He further explained that one of the required private keys is generated in orbit and saved on the space node.
“To our understanding, we believe we offer them a good solution because most institutional investors are used to the longer time it takes to process their transactions,” Talgat explained.
Multi-signature is a security feature whereby two or more ‘keys’ are required to validate a transaction. He further explained that one of the required private keys is generated in orbit and saved on the space node.
Due to the multi-signature authorisation required for transactions, and the 12-hour communications latency between ground stations and the satellite, fraud and theft can be prevented because hackers are unable to move digital assets out instantly.
Biteeu’s future plans for cryptocurrency
Initiatives to develop the exchange and develop more products are still ongoing. This includes continued work with the space-grade infrastructure system that they have started with SpaceChain.
We are fully regulated, licensed and compliant in the EU, and Australia, with plans to launch more platforms in different jurisdictions.
“We want to offer safer, and more user-friendly products and services to our clients around the world, including clients from Southeast Asia.”
Talgat is also quick to emphasise, “We are fully regulated, licensed and compliant in the EU, and Australia, with plans to launch more platforms in different jurisdictions.”
Regulations are important and it takes work to stay within legal frameworks of different countries. In fact, while the interview was going on, Talgat shared about a new gold-backed token product which they are going to launch in September.
“It is unique because it will be backed by real assets, and it won’t have any storage fees or maintenance fees.”
He also shared that 2021 as well as 2022 are important years for Biteeu.
“This year and next, we plan to work with big multinational Natural Resources corporations to tokenise their assets and offer an actual initiative to bridge the gap between traditional mainstream cryptocurrency markets and traditional commodities markets.
“So it will be difficult, and there is a huge gap but we aim to bridge it,” Talgat concluded.
Watch the video below about what Talgat thinks is the future of cryptocurrency, and best practices for trading in them.