Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and cryptocurrency exchanges, today announced BitGo, the institutional-grade crypto security company as a partner for its new high-frequency exchange solution.
When defining security protocols, Modulus analyzed multiple sophisticated attack vectors to prevent potential account vulnerabilities before partnering with BitGo, which offers the world’s most secure multi-signature bitcoin wallet and custodial solution.
Mike Belshe, CEO of BitGo:
“BitGo was founded to build institutional-grade security, storage, and compliance solutions for cryptocurrency investors, and this focus on enterprise and institutional clients sets us apart. Modulus shares our focus on these clients and our commitment to building the market infrastructure that the cryptocurrency industry has been missing. This lack of infrastructure has been a deterrent for many investors and we’re pleased to be working with partners like Modulus to make it a reality.”
Exchanges utilizing the Modulus solution are protected by multiple security layers, including two-factor authentication, hardware security, anti-phishing features, geofencing that also detects VPNs and Tor nodes, multiple levels of database encryption, DDoS mitigation, network, and trade anomaly detection, and independent penetration testing and source code analysis.
Richard Gardner, CEO of Modulus:
“When evaluating security protocols, the devil is the details, and the details are going to evolve with the industry’s coming regulation. We didn’t design our exchange solution solely for today or tomorrow. We designed it for the future.”
The BitGo solution uses machine learning to analyze pre-trade and post-trade data to identify suspicious activity, including pass-through trades, wash trades, spoofing, stuffing, hammering, momentum ignition, and money laundering, allowing administrators to freeze accounts as needed and generate Suspicious Activity Reports for regulators.