DXM, a subsidiary of Dunamu, announced on the 25th that it released its corporate cryptocurrency trust service called Upbit Safe on the 24th. Target customers include cryptocurrency exchanges. And companies that want to reduce risks of managing cryptocurrency directly, as reported by Coindesk Korea.
Upbit Safe uses Ledger’s corporate wallet, Ledger Vault. As well as various security solutions such as a multi-account system for businesses, distributed cold wallets, withdrawals limits and white lists, DXM said.
According to DXM, several people with authority must apply for withdrawal together in order to withdraw the cryptocurrency entrusted to the Upbit Safe. The DXM then checks whether the withdrawal request was made through normal procedures. And proceeds with the withdrawal through an internal security solution.
As DXM is a subsidiary of Dunamu which operates Upbeat, it is expected to become a client of the Upbeat Safe, soon
“We are currently discussing contracts with a number of companies, including Dunamu,” a DXM official said. “Small cryptocurrency funds have management issues that lose their personal keys. And large companies felt the burden due to the fact that they keep cryptocurrency inside.”
Unlike the stock market, the cryptocurrency industry has been receiving many critics for the existence of management risks. Even as the exchange keeps at its own. There are regulations in the U.S. and Indonesia that require exchanges or funds to trust part of their cryptocurrency assets to third parties,” a DXM official said.
Dunamu itself is actually a digital media company in South Korea. The company developed News Mate in 2012, providing the soft copy of articles by the country magazines and newspapers.
In 2017, the company enters the cryptocurrency industry through its subsidiary, DXM. Upbit quickly gained interest from the worlds’ cryptocurrency enthusiasts. Two months after its launch, Upbit topped the world’s cryptocurrency exchange in terms of 24-hour trading volume.
