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Gate.io Introduces Proof of Security Framework, Claims 104.58% Cold Storage Coverage
(2 hours ago) · 1 source · Summarized by CryptoBipto
Cryptocurrency exchange Gate.io has announced a new security verification framework it calls Proof of Security (PoSEC). The exchange claims it has achieved 104.58% cold storage coverage of user assets, meaning it says it holds more in cold storage than the total user deposits it is responsible for.
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When you deposit cryptocurrency on an exchange, you are trusting that exchange to keep your funds safe and available for withdrawal.
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SOURCES
- newsbtc.com
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