Singapore, Singapore--(Newsfile Corp. - November 17, 2023) - Tapbit reinforces user security with a $40 million insurance fund and enhanced measures in the ever-changing crypto market. As the cryptocurrency market continues to evolve, Tapbit remains steadfast in its commitment to providing users with the tools and features required to enhance their trading experience and protect their investments. With a focus on professional traders, Tapbit places a premium on asset security.
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Tapbit has implemented numerous robust security measures to safeguard user funds and information. This includes a substantial $40 million insurance fund to cover potential losses from incidents on the platform, ensuring prompt 24-hour reimbursement. Mandatory whitelisting for Bitcoin addresses limits withdrawals and transfers to only pre-approved addresses, reducing unauthorised transactions.
In addition, Tapbit conducts comprehensive risk assessments after each order to swiftly identify and prevent suspicious activities. The website utilises encrypted SSL protocol to encrypt all data transfers. Sensitive information is encrypted with Bcrypt with a cost factor of 12. The platform is hosted on Amazon Web Services, known for its robust physical security and controls. Ongoing IT security evaluations proactively detect and resolve vulnerabilities.
For wallet security, Tapbit employs a cold storage and hot wallet system, storing the majority of assets offline while maintaining a small amount in online hot wallets to facilitate trading. Multi-signature authentication is used for wallet access to eliminate single points of failure. Manual secondary reviews are conducted for all asset transfers between wallets.
"At Tapbit, we're your trusted partner in crypto asset security, and we reaffirm our commitment to providing you with a secure and reliable trading environment. Your trust is our top priority," said Zora Chia, Director of Public Relations & Marketing at Tapbit.
Tapbit operates a leading cryptocurrency trading platform focused on professional traders and asset security. Headquartered in Singapore, Tapbit is a secure and compliant trading venue. For more information, visit https://www.tapbit.com.
Zora Chia, Director of PR & Marketing
Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not investment advice. Please do your own research.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187876