A Robust Digital Asset Security System
The safety of clients’ funds is the main priority for Sandbank. Highly secured storage wallets are provided by Hexlant, the leader in digital asset custody and node service and smart contract auditor in Korea.
Hexlant’s digital asset custody is multisig based, meaning it always requires authorization from both Sandbank and Hexlant whenever there is a transaction request.
What is a Multi-Signature Wallet?
When you want to send funds from your wallet, a transaction is created and signed. By signing the transaction, you are digitally saying: “I am the owner of the funds, I have the key to manage them, and I approve this transaction.”
Single signature (also known as “basic”) cryptocurrency wallets need one signature to sign a transaction. Multisig is the shortened name for multi-signature, and, as the name indicates, this kind of wallet requires one or more signatures to sign a transaction.
A multisig wallet is a wallet shared by two or more users called copayers. In our case, there are always two copayers including Sandbank and Hexlant. Whenever there is a withdrawal request, the number of signatures required to sign the transaction will be equal to two, meaning the transaction cannot be granted with only one copayer’s permission.
This significantly adds security to user’s funds by preventing transactions when either one of the copayers is hacked or run off with the stored crypto assets.
Hexlant Custody is the most renowned digital asset custody provider in Korea which currently carries over $100,000,000 in protections through a syndicate of renowned IT conglomerates. Its advanced blockchain technology and robust security are widely applied throughout the blockchain industry. You can find out more about Hexlant here.
Do check out our earlier blog posts, share them with your friends, and let them be part of the Sandbank success story!
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