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Gate launches Proof of Security framework with 104.58% cold storage coverage

Crypto exchange Gate introduced a new framework to verify the security of user assets. The launch comes as exchanges highlight their cold storage ratios after an attack on Binance.

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Gate has rolled out Proof of Security, known as PoSEC. It is a framework meant to check that the assets the company keeps on behalf of its users are secure. Gate says no other digital asset exchange in the industry has put such a system into operation before.

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The framework reports a cold storage coverage of 104.58%. Cold storage means keeping crypto on devices that are not connected to the internet, which makes theft harder.

In numbers

  • 104.58%Gate cold storage coverage
  • 2013Year Gate was founded

Crypto

Gate says it was founded in 2013 and has always put user asset security first. It presents PoSEC as the latest step in that approach.

The announcement comes as other exchanges also promote their cold storage ratios after an attack on Binance. Commentators have started to discuss what a Binance bankruptcy would mean for the wider crypto market. The material gives no details of those scenarios.

Background

Cold storage keeps crypto offline. Exchanges often cite how much of customer funds they hold this way to show they are safe.

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