A new partnership between Luxembourg-based VNX Exchange and the University of Luxembourg purposes to advance the security of digital assets, according to the business news outlet Luxembourg Times.
VNX is a trading platform and marketplace for tokenized capital established last year and a member of Luxembourg House of Financial Technology, APSI, and Infrachain.
Within the partnership, the University will supposedly help VNX to develop network security for digital assets. The researchers at the University’s Interdisciplinary Centre for Security, Reliability, and Trust (SnT) will create new IT frameworks to increase exchange security along with crypto assets custody.
Expert of network security, Dr.Radu said that a number of issues must be discussed for current systems that issue blockchain tokens. The state noted that security at “the software layer” should confirm that the agreements that regulate specific transactions do not hold any vulnerabilities.
Reportedly, Alexander Tkachenko said that the exchange’s growth would need investor protection, regulatory clarity, and compatibility with present marketplace standards, adding:
“In creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets we aimed to introduce modern security mechanisms that could secure our platform and could impact the global cybersecurity market.”
He also said he has faith that blockchain technology is the next big phase in the economic sector’s growth.
Last month, Luxembourg-registered crypto exchange Bitstamp developed by Belgium-based investment company NXMH that in turn, is kept by South Korean media conglomerate NXC Corp.
The CEO of exchange stated that while trading volumes dropped 60% to 70% this year, the platform has endured beneficial due to the cryptocurrency prices are higher on average than 2017.
In June, a study conducted by Ipsos on behalf of Dutch ING Bank B.V. shown that the 4% of people having cryptocurrency is in Luxembourg. Respondents from Luxembourg, France, and Spain have chosen to rely on bank advisors.