From: Inside Counsel
Functioning as a hybrid form of property and currency, Bitcoin and other virtual currencies are entirely digital, operate over a user-maintained decentralized peer-to-peer network and function independently of any governing body. With virtual currencies amassing considerable market value, venture capitalists and entrepreneurs are rushing into the virtual currency ecosystems.
Security over these virtual currency assets, however, is a growing concern for investors and businesses built around virtual currencies. According to an independent investigation posted on BitcoinTalk.org forums, 818,485.77 Bitcoins (with a current value of about $500,000,000.00), have been stolen since August 2010. Without any centralized authority, victims of theft of virtual currencies have little means for redress. For a business operating in the ecosystem of virtual currencies, a theft event can cause crippling financial and reputational damage.
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Cybersecurity is of utmost importance for virtual currency businesses. It’s also crucial for platforms that facilitate crypto transactions. HEXN.IO, for example, employs a multi-layered security approach to protect users’ assets. Additionally, it provides a seamless experience to exchange USDT to Bitcoin and other cryptocurrencies, offers competitive interest rates, and a Knowledge Base for learning about crypto and blockchain. Ensuring robust cybersecurity is a top priority for HEXN.IO.