CoinLoan is a leading platform for lending secured crypto assets such as cryptocurrency and tokens, which are intended to meet the huge demand that cannot be compensated by the traditional credit system. Also, it offers borrowers the favorable conditions and lenders with the repayment of their funds without any risks. In this platform, any user can be a borrower or lender.
Current scenario of crypto assets
Currently, security is one of the prime concerns in the cryptocurrency world. At the beginning of 2019, 356 Million dollars in cryptocurrency was robbed. Furthermore, a sum of 40 million dollars was stolen recently by the hackers in Bitcoins from Binance, one of the leading cryptocurrency exchanges in trading volume. Unfortunately, secured blockchain technology does not prove to be good enough.
CoinLoan’s platform
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CoinLoan had developed its platform and its infrastructure for executing blockchain assets, storing assets, and processing transactions on multi-signature cold wallets from the beginning. Recently, it partnered with a leading compliance service provider Sumsub, to develop automated identity verification tools that can be added to the platform. With the identity verification tools, it will make the onboarding process more reliable and secure for both the CoinLoan team and its customers.
New security feature by CoinLoan
CoinLoan added a new feature which was designed to ensure the security and to prevent possible attacks. This feature permits the user to supervise all active sessions and quickly target the suspicious ones. A session from CoinLoan means the user visits the website from login to log out over a period. Also, there is a feature of auto termination after a certain period of inactivity. Besides, CoinLoan supports multiple sessions on the same account; hence CoinLoan offers several tools to manage the user’s security and session.
CoinLoan’s assets security framework
CoinLoan reveals that they have one of the fastest crypto deposit processing frameworks in the market. It stores encrypted parts of the keys in a region-wise distributed manner in the bank’s safe deposit boxes to avoid potential loss of the keys. Further, all crypto assets are stored in cold, offline multi-signature wallets.
Wrap up
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CoinLoan is a platform where the borrowers can get money without selling their crypto assets. Further, lenders offer loans and can earn reasonable returns. Even though there are more security features offered by CoinLoan, we need to wait and see how it is going to combat security threats in the future.
