Coinone, a bitcoin exchange in South Korea, recently announced a multi-signature wallet. According to its CEO Myunghun Cha, it was time for the bitcoin exchange to offer “equal level of safety and control” as other multi-signature wallet providers.
The company makes use of a third-party API through BitGo, which they deemed as the answer to many security concerns facing exchanges and online wallets. “With its implementation, we hope to bring in more users from the national and international pool of bitcoin users,” Cha added.
Coinone Bitcoin Exchange Operations
Coinone was built by Devign Lab with $200,000 in seed funding from K Cube Ventures. According to its website, this bitcoin exchange guarantees 0% fees on bitcoin trades and provides a simple and easy-to-understand user interface. It also offers exchange options for new and advanced users.
Coinone’s hot wallet is secured with SSL certification and cold storage, with the multi-signature approach adding another level of security for the bitcoin exchange. Its fast servers are geared to match real-time bitcoin volatility and allows traders to execute positions with a single click.
At the moment, Coinone is the first bitcoin exchange in the country to offer a multi-signature wallet, which enables users to have complete control of their funds. Unlike traditional online wallets, having a multi-signature provides three private keys and two out of these three are required to unlock the wallet.
Two keys are provided to the user only while a passcode and a backup QR code key are held by Coinone. A user can be ensured that the bitcoins in his wallet will remain safe even if he has lost his login information. Aside from that, the user will have full control of the wallet even if the exchange is down. Coinone also provides multi-platform support, allowing trading on a PC or through its Android app.