- Crypto derivatives exchange Bingbon has announced a partnership with blockchain security company SlowMist to bolster its security.
- The Singapore-headquartered digital asset exchange has also announced a bug bounty, worth up to $4,000 per report filed, in a bid to create an impregnable digital asset exchange.
Crypto derivatives exchange Bingbon has announced a partnership with blockchain security company SlowMist to bolster its security. The Singapore-headquartered digital asset exchange has also announced a bug bounty, worth up to $4,000 per report filed, in a bid to create an impregnable digital asset exchange.
Record growth of the derivatives market has driven millions of users to futures trading platforms including Bingbon, which was established in 2018. This influx of users has led to a corresponding influx of funds, creating a lucrative target for hackers. To ward off attempts at unauthorized infiltration, Bingbon has joined forces with one of the leading security firms operating in the space. SlowMist has been tasked with performing a detailed threat assessment of the derivatives exchange and recommending ways in which its security model can be further enhanced.
Real-Time Monitoring and a Bumper Bug Bounty
Demonstrating its determination to create a derivatives exchange that cannot be breached, Bingbon has set up a security monitoring service with the aid of SlowMist. It’s also had the blockchain security firm perform a thorough audit in a bid to identify any potential vulnerabilities. While security was the primary concern that prompted Bingbon to partner with SlowMist, it’s also used the process to identify ways in which the exchange can be optimized to run more smoothly. This will ensure stability even during times of extreme market volatility, when demand is high.
Bingbon has also taken a proactive approach to the perennial problem of bug squashing, creating a bounty program that will reward users for reporting any potential vulnerabilities they find. The reward disbursed will be determined by the severity of the bug in question, ranging from Low to Critical. At the upper end of the scale, claimants can expect to receive between $2,500 and $4,000 in USDT courtesy of Bingbon.
USDT is the reference currency used on Binbon for the more than a dozen cryptocurrencies that are available for futures trading. Unusually for a derivatives exchange, its most traded asset at press time is LINK, with BTC coming in second.
Derivatives Demand Leaves Spot in the Shade
Crypto derivatives exchanges have been gaining market share over their spot trading counterparts all year. More than $2 trillion in futures was traded in Q1 of 2020, an eight-fold increase on Q1 2019. More than $62.5 billion in crypto futures was traded on the highest day this year in a vertical where more than 90% of all volume is accounted for by BTC, ETH, and EOS.
Bingbon has carved out a respectable slice of the derivatives market, particularly in Asia, where it is based. In addition to crypto derivatives, the exchange enables users to trade indices, forex, and commodities, providing a one-stop shop for traders seeking exposure to global markets. Its partnership with SlowMist is evidence that Bingbon is taking its responsibility to its users seriously, while endeavoring to outmaneuver the competition.