Bitrue Exchange is raising the level of security for XRP as an accessible asset on its platform through an innovative insurance policy. According According to insights shared by Flip The Chain, Bitrue maintains an insurance wallet that currently contains XRP.
Bitrue Exchange is raising the level of security for XRP as an accessible asset on its platform through an innovative insurance policy. According According to insights shared by Flip The Chain, Bitrue maintains an insurance wallet that currently contains XRP.
Bitrue XRP Security Network
According to the platform, this insurance wallet is multi-signature and currently contains up to 25 million XRP coins.
Based on the current market valuation, the holdings of this additional wallet have a market valuation of $16,145,000 based on the current XRP price of $0.6458. The essence of this multi-signature wallet is to act as an additional protection against any kind of mishap that may happen to the trading platform.
In Flip The Chain’s opinion, the wallet contains more XRP than the trading platform in its active wallets at any given time, in case the user’s funds are exploited under defined circumstances.
The move to improve holdings accountability came after the implosion of the FTX Derivatives Exchange run by Sam Bankman-Fried in November last year. This security approach is a version of the Proof of Reserve (PoR) update that many trading platforms in the digital currency ecosystem typically release every month.
The Bitrue wallet can be easily inspected as the contract addresses are published so that anyone can view your transactions online.
XRP secures all potential support
It’s worth noting that the Bitrue insurance wallet update is positive for the broader based on demand between the United States. Securities and Exchange Commission (SEC) and blockchain payments company, Ripple Labs Inc.
With new updates to the XRP Ledger and the emergence of new sidechains and layer 2 scaling solutions like Evernode, XRP has what it takes to generate bullish momentum next year.