Multi-party computation (MPC) is being introduced to members of AAX, a cryptocurrency exchange platform, and will initially be made available for all VIP and institutional investors.
Multi-party computation (MPC) is being introduced to members of AAX, a cryptocurrency exchange platform, and will initially be made available for all VIP and institutional investors.
MPC does away with the risk of storing private keys in one location or held by one party. Instead, it decentralizes the private key, breaking it up into encrypted shares and dividing it amongst its trusted parties in multiple locations.
Quite simply, MPC means a single point of failure is no more. A potential attacker would have to hack multiple encrypted keys in unknown locations in rapid succession, thus making the task astronomically more difficult.
Thor Chan, AAX CEO, said:
“MPC provides the bedrock of security for cryptocurrencies and digital assets. We’re thrilled to offer this premium level of security to our VIP and institutional investors. It will give our current clients and future prospects complete faith and peace of mind, knowing that we have the very best security to match our world-class crypto exchange platform.”
As cryptocurrency trading enters the mainstream, new investors are left spoiled for choice regarding exchange platforms. Many offer similar features and security, with varying fee structures for investors at all levels.
AAX prides itself on being one of the first exchanges to be part of the London Stock Exchange Group (LSEG) Partner Platform. Users have access to the same trading platform as institutional investors already enjoy on the London Stock Exchange, featuring low latency and ultra-fast trading speeds comparable to stock exchanges worldwide. Chan believes “crypto users will find our proposition very appealing” as AAX is creating value for all levels of investors and enabling more people to enter the cryptocurrency market.
About AAX
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products, and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.