Third largest South Korean crypto exchange Coinone has partnered with two technical audit specialists to ensure improved security and transparency.
Major crypto exchange Coinone teams up with Xangle and CertiK which are tasked to ‘provide project disclosure information’ and ‘smart contract audit information,’ respectively, according to the announcement released by the exchange.
Coinone said in a statement:
“Coinone strives to establish a listing system and strengthen the public function of the exchange (market surveillance, disclosure, and internal listing) in order to harmonize the two goals of actively listing cryptocurrency and securing investor confidence.”
South Korea-based cryptocurrency disclosure platform Xangle takes the responsibility for the protection of all crypto investors on Coinone, as well as the transparency of the project. This includes disclosures of information about new tokens, investment stocks, price volatility, token governance, and project business model change, to name a few.
Meanwhile, CertiK is responsible for auditing all projects listed on Coinone. The New York-based company’s primary role is to implement layers of protection against security threats.
The partnership pushes through amid the increasing attention given toward the security of crypto exchanges in South Korea. According to a CoinDesk report, the Financial Services Commission in South Korea plans to closely supervise all active cryptocurrency exchanges within its jurisdiction.
Coinone — which trades Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and more — was previously inspected for possible tax anomalies in the country.