VNX Exchange Teams With University Of Luxembourg For Crypto Asset Security
Crypto trading platform VNX Exchange has partnered with the University of Luxembourg to create a new standard of security for the market ecosystem for digital assets.
Based in Luxembourg, VNX Exchange is creating a regulatory-compliant marketplace and trading platform for tokenized venture capital assets to link investors and venture capitalists in search of liquidity. VNX, which is a member of the Luxembourg House of Financial Technology (LHoFT), Infrachain and APSI (L’Association des Professionnels de la Société de l’Information), is working closely with key European capital market institutions and advisors to develop an “industry-leading platform” that will open the venture capital to new investors.
The University of Luxembourg is a public research university with an international, multilingual and interdisciplinary character, situated on Belval Campus and in Luxembourg city. Founded in 2003, the university has already built a reputation as being among the best young universities in the world. It was ranked 11th in the Times Higher Young University Rankings 2017, and 178th in the Times Higher World University Rankings 2016.
Under the partnership, the University of Luxembourg’s Interdisciplinary Center for Security, Reliability, and Trust (SnT) will help VNX develop higher levels of network security for crypto assets. They will work together to design new IT frameworks that facilitates secure exchange of digital assets on blockchain networks. They will also assess several distributed ledger architectures. The ultimate goal is to position Luxembourg as a globally recognized financial center, a leader in the sphere of digital financial services and a financial technology hub.
Dr. Radu State, expert in network security at SnT, said that for new, heterogeneous systems that issue tokens on the blockchain, there are still several important unsolved challenges.
“The first is security at the software layer – you need to ensure that there aren’t any vulnerabilities in the smart contracts that control the execution of individual transactions,” State said. “The second is ensuring the security of the blockchain platform itself, based on both the consensus algorithm and access rights. And the third is ensuring the security of the database, where you need to provide end-users with proof that the platform is working as it should, while keeping the data on the platform.”
Alexander Tkachenko, VNX founder and CEO, said that in creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets, they aimed to introduce modern security mechanisms that could totally secure their platform and could impact the global cybersecurity market.
“We at VNX Exchange are very delighted to work with SnT on the development of a secure marketplace for our customers,” said Tkachenko. “Their past research activities in FinTech have left us confident in their abilities. I believe that blockchain technology is the next big step in the financial sector’s evolution. This evolution will require three things: regulatory clarity, investor protection, and compatibility with current market standards. We hope that this partnership will make major strides in securing all three.”
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