Summary
TLDR: Cube.Exchange has launched the Guardian Council with industry leaders to prevent unauthorized withdrawals and fraud in cryptocurrency trading. The council uses a multi-party validation system to decentralize decision-making and increase security. This initiative comes in response to the need for heightened security measures in the wake of the FTX collapse. Cube.Exchange also secured a $12 million funding round to enhance its platform’s growth and hybrid exchange model.
Key Points
1. Cube.Exchange has launched the Guardian Council, a strategic coalition featuring industry stalwarts such as the Solana Foundation, Everstake, Triton One, Juicy Stake, and Kiln. This initiative aims to establish a bulwark against unauthorized withdrawals, ensuring a fortified trading environment on the cryptocurrency exchange.
2. The Guardian Council embodies a pioneering multi-party validation system, mandating consensus among diverse entities for transaction approvals. This approach decentralizes decision-making and instills a multi-layered defense mechanism against potential misuse of customer funds, significantly reducing the risk of financial wrongdoing and crypto fraud.
3. Cube.Exchange’s initiative in integrating independent third-party validators into its operational framework is a direct response to the industry’s urgent need for heightened security measures, especially after the FTX collapse. This move sets a new industry standard and demonstrates the platform’s commitment to putting security and user trust first.