The digital asset industry’s first-ever third-party, independent group meant to prevent exchange-based fraud
MELBOURNE, AUSTRALIA, March 26, 2024 /EINPresswire.com/ -- Cube.Exchange, a digital asset trading platform, announced today it has created the first-ever Guardian Council aimed at preventing on-exchange fraud in the digital asset industry and further reinforcing the notion that self-ownership of assets is the strongest path forward in order to protect against founder-based risk and fraud.The newly-formed Guardian Council is a group of industry leaders that will act as third-party validators of exchange activity independently of Cube.Exchange to prevent fraudulent withdrawals and participate in the verification of net settlement calculations. Initial participants include the Solana Foundation, Everstake, Triton One, Juicy Stake, and Kiln.
“The Guardian Council is further proof of Cube.Exchange’s commitment to protect users from founder risk, and to promote self-ownership of assets for users of our platform,” said Cube.Exchange CEO Bartosz Lipiński. “We are proud to have these three partners at launch, demonstrating the strength of our mission and the belief our industry has in creating a new standard for asset security.”
Guardians will serve as an independent verification and trust mechanism, minimizing the risk of fraudulent or incorrect transactions. They will be involved in the Cube.Exchange transaction authorization process, which prevents any single entity, including the exchange itself, from unilaterally manipulating or misusing user funds. This multi-party involvement helps maintain a transparent and accountable process, reinforcing the platform's integrity. Adding an extra level of protection, the Guardians will facilitate direct communication and withdrawals in case of exchange failure. This proactive measure mitigates the risk of financial loss or lock-in.
For far too long, crypto asset traders have had to choose between allowing exchanges or brokers to hold assets for them, introducing significant risks that we have seen play out time and again; or using complex Web3 wallets that are difficult to use and easy to lose access to, resulting in the cumulative loss of millions of dollars worth of tokens. Cube.Exchange makes crypto easier to use, and ensures that users retain self-ownership of their assets at all times in a more secure and intuitive environment.
“Cube.Exchange is on a mission to raise the bar for asset security and user protection in Web3,” said Lipiński, adding “the Guardian Council is just the beginning of this effort, and we will continue to bring to market more innovations that put security and user trust first.”
The Guardian Council is expected to grow as Cube.Exchange grows, with more participants set to be announced in the coming months. This launch comes on the heels of Cube.Exchange entering into early access late last year, and announcing fundraises totalling $XX million.
About Cube.Exchange
Cube.Exchange is a hybrid trading platform fusing TradFi with blockchain technology. The founding team includes traditional and digital asset finance professionals with a vision to create a regulatory-compliant venue for traders of all types and sizes. Cube is powered by best-in-class technology that aims to protect users from founder risk while also changing how they interact with their assets and providing an institutional quality trading experience for traders of all types.
To learn more about Cube.Exchange please visit:
Website: https://www.cube.exchange/
X (formerly Twitter): https://twitter.com/cubexch
Litepaper: https://www.cube.exchange/litepaper
Disclaimer
Nothing in this press release should be considered investment, tax or legal advice or the recommendation to sell, or the offer of a solicitation to buy or invest in any investment product, vehicle, service or instrument. Cryptocurrency trading markets are volatile and can change quickly. Cube.Exchange is not available in all markets - please refer to its Terms of Services for more information.
Ryan Gorman
Cube.Exchange
rgorman@cube.xyz
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