StraitsX Insights

StraitsX Insights #14: How does StraitsX keep your XSGD and USDC funds safe?

May 11, 2023

At StraitsX, the security of your funds is our top priority. We understand that you've worked hard for your money, and we're committed to keeping it safe. Here's a look at the security measures we have in place:

ISO 27001 certified

First of all, our platform is ISO 27001 certified, which means that we adhere to the same stringent security processes as banks and other financial institutions around the world. We take our security seriously, and we invest heavily in keeping our platform secure.

Secure Storage Solutions of XSGD and USDC

We also follow industry best practices when it comes to storing XSGD. Most of the XSGD held by StraitsX is stored in "cold" storage on offline hardware wallets that are safeguarded in a secure location. A small amount is held in "hot" wallets with a digital asset custodian.

For USDC storage, we have implemented a reputable MPC warm wallet solution to ensure the security of our customers' funds. This solution uses advanced cryptography and multi-party computation to protect your USDC against potential threats, while also ensuring that your funds remain easily accessible when you need them. Our MPC warm wallet is trusted by leading financial institutions and is designed to provide a secure and reliable storage solution for digital assets.

Counterparty Risk Policy at StraitsX

StraitsX does not engage in lending, trading, or leveraged positions. As such, user funds are not held by a third-party borrower or institution, and users are not exposed to counterparty risks from a third party. 

We understand that security is a top priority when it comes to using a digital asset service provider, and we take every measure possible to ensure that your funds are safe with us.

Rest assured that at StraitsX, we're constantly monitoring and upgrading our security measures to keep your funds safe. If you have any questions or concerns, please don't hesitate to reach out to our support team here.

Are you ready to start swapping your digital assets today? Simply visit our swap page here to get started and experience the ease and convenience of exchanging your coins.

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