Binance and Oasis Labs have launched a platform that will facilitate the sharing of intelligence among exchanges. The largest crypto exchange in the world is teaming up with the privacy-focused blockchain-powered cloud computing providers to curb fraud in the cryptocurrency industry.
Oasis Labs and Binance partner on a cryptocurrency security initiative
On August 27, Oasis Labs was announced as the pioneering member and main infrastructure provider for the CryptoSafe Alliance. The confidential smart contracts of Oasis Labs will be vital in developing s decentralized CyyptoSafe solution meant to share intelligence data between cryptocurrency exchanges. The Oasis Network Blockchain will power the CyryptoSafe Platform.
The companies affirmed the need of having a collaborative platform that will enable fraud detection among exchanges. Most importantly the platform will ensure that the data from participating digital currency exchange is private and kept confidential. At first, the CrypotSafe Platform will facilitate the sharing of private intelligence before scaling to provide analysis of real-time fraud in the fight against crypto theft, laundering, and hacks.
Through the partnership, exchanges will share real-time information and intelligence and report scams, hacks as well as other malicious activities. They will manage to privately share intelligence without sharing sensitive user and industry data with competitors. The platform will start by offering post-mortem analysis versus the combined anti-fraud intelligence from partners before scaling to enhance the security standards of the industry against bad actors.
CryptoSafe to offer security to the crypto community
Changpeng Zhao the CEO of Binance stated that the formation of the platform is a reflection of the commitment that Binance has in developing a resilient cryptocurrency sector for everyone. He added that through the alliance and open data sharing they can make concerted efforts in safeguarding the crypto community globally.
Over the past exchanges such as Bithumb and Cryptopia have experienced security breaches and this groundbreaking initiative will offer security against such occurrences. Exchanges will share intelligence on transactions processed on the Ethereum (ETH), Bitcoin (BTC), Eos (EOS),l and Trin (TRX) blockchains with other networks expected to be added later.