Swyftx Reminds Crypto Users Why Cold Storage Is Important

November 17, 2020, 7:00 AM AEST - 8 months ago

This week, Swyftx – an Australian cryptocurrency exchange used regularly by over 30 thousand traders – reminded crypto enthusiasts that cold storage is a great solution for those with a large stash that they aren’t intent on trading in the near future.

Cold wallets are devices that store crypto tokens far away from the reach of the internet – and as a result, impervious to attacks by cybercriminals. Think of cold wallets as the safes in blast-proof banking vaults – but for cryptocurrency.

Calls For Responsibility

Although Swyftx and other trusted crypto exchange platforms have top-notch security, they are not completely immune to previously undiscovered exploits. As a result, Swyftx encourages users to deposit large stashes they plan to hold on to in cold wallets.

Certain types of cold wallets are available for purchase right on the Swyftx platform, and Alex Harper – the founder and CEO of Swyftx – states that more platforms should speak out on the unique benefits cold wallets offer.

“Other exchanges are not stressing cold storage options hard enough. Don’t get me wrong, the technology of exchanges has advanced lightyears since the Mt. Gox era, or even where we were when we first started almost 3 years ago. However, it’s still hard if not impossible to beat offline crypto storage. Crypto exchanges need to come out and talk to their communities about this… big time.”        

In addition, Harper stressed that he is intent on maintaining the platform’s status as a well-respected, consumer-friendly crypto service provider. Arguing that trust built and maintained over time is far more important than short term profit, he encouraged other platforms to speak out about the issue as well.

Swyftx has also put together a quick guide on crypto asset storage, outlining the benefits of each kind.

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