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As the cryptocurrency market has grown and evolved, it became exceedingly apparent that security is a top priority for traders and exchanges. The industry is notoriously rife with hacking issues, and many traders, from novices to veterans, have fallen victim to cyber thieves. CoinGecko put together a 2017 year-in-review that highlighted approximately US$649 million of crypto that had been lost, and 73 percent of that figure had been lost from exchanges.
Security Remains an Issue Today
Surprisingly, the situation in 2018 isn’t any better and in fact, it has gotten a lot worse; according to Crypto Aware, so far this year US$1.73 billion has been stolen. The report says that this is more than half of the total losses since records began in 2011, bringing the total figure up to an estimated US$2.3 billion.
This rather shocking state of affairs has driven traders and exchanges to opt for cold-storage, which is a means of securely storing cryptocurrency in an offline wallet, safe and sound. Whilst it is an efficient means of securing digital currencies, exchanges tend to fall short in a number of areas. They are taking on the role of banks and having full custody over the digital assets, which makes them a natural target for hackers.
On the flip side, a common problem that has arisen for traders who use decentralized exchanges is the time-consuming process of integrating a cold storage wallet with them. There is, however, a startup on the verge of setting the standard for the rest of the industry.
Cold Storage with DINNGO
DINNGO is the first exchange to offer a seamless Bluetooth integration between cold wallets and mobile devices, meaning that users can trade crypto securely, at the click of a button, wherever they may be. It’s a hybrid centralized-decentralized crypto exchange that aims to hit the ground running as an intelligent, regulatory compliant, ultra-secure, and customer service-centric platform.
DINNGO CEO Hsuan-Ting Chu had this to say about the wallet:
“The way our mobile app integrates with our cold wallet is unique, and we think it can change the way people trade crypto.”
DINNGO boasts a wealth of features that optimise and improve the modern crypto-trading experience. Users hold their own private keys and currencies without any intermediary and the cold wallet offers a two-phase verification as well as a state-of-the-art encrypted Bluetooth connection between the DINNGO mobile app and the cold wallet.
The beta version of the exchange is expected to launch in in the fourth quarter of 2018 prior to the official 2019 launch. In the lead-up, DINNGO has hosted a private token pre-sale of their DGO token and almost 70 percent of tokens have been sold out.
The DGO token is a utility that supports the DINNGO ecosystem. DGO token holders will benefit from a 50 percent transaction fee discount, receive premium trading functions on the platform, and have access to multiple airdrop campaigns. The public sale for DGO tokens begins September 16th, 2018 and the whitelist is presently open.
To find out more, head to the official DINNGO website for the all the information you need.