AAX cryptocurrency exchange added a Multi-Party Computation (MPC) wallet to its system. The new feature will help decentralize the exchange’s VIP and institutional investors’ key storage.
Notably, AAX is one of the first crypto exchanges that the London Stock Exchange’s LSEG technology powers. As such, AAX offers its users shorter waiting periods and faster transaction speed. It also offers an easy on-ramp to crypto trading with over 20 supported fiat currencies.
The exchange, however, has taken its competitive advantage to a new level by adding the MPC wallet. To clarify, the MPC wallet decentralizes private key storage, eliminating the risk posed by centralized key storage. Notably, centralized storage presents a single point of failure in case of hacking, for instance.
MPC breaks up key storage into encrypted shares that are then distributed among trusted parties in multiple secret locations. As a result, this greatly enhances the exchange’s security. In fact, a hacker would need to not only know the multiple encrypted keys but the storage locations as well.
Speaking on the integration AAX CEO Thor Chan noted,“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.”
Crypto adoption has grown, thanks to the current bull run and increased crypto adoption. It has become increasingly important for crypto exchanges to differentiate themselves. As one of the leading crypto exchanges, AAX seems committed. It enhances not only its product offering but also its user confidence.