This app takes a new approach to user security and privacy to eliminate the damage from hacks and exploits.
Crypto users need better security and privacy when using centralized and decentralized trading platforms, and GoodCrypto provides access to both from a single interface
The crypto industry has learned the importance of security the hard way. With over $2.1 billion worth of crypto assets stolen in 2022 alone, it’s clear that both centralized exchanges (CEXs) and decentralized finance (DeFi) protocols need better ways to handle users’ assets.
From the infamous Mt. Gox attack to the more recent KuCoin breach, CEXs have been plagued with hacks and other security vulnerabilities. Meanwhile, decentralized exchanges (DEXs) fight their own demons in the form of cross-chain bridge exploits and protocol failures. Multi-exchange terminals, advanced crypto trading platforms that provide access to multiple crypto exchanges via API connections, also require robust security to protect customers’ funds.
Application programming interface (API) keys are unique codes that identify and authenticate specific entities –– like users or devices –– on web platforms and mobile apps. In the crypto world, where API connections act as bridges between users’ wallets, exchanges, mobile apps and DeFi protocols, improving the security around API keys is crucial.
Noncustodial crypto trading across multiple platforms
GoodCrypto, an all-in-one crypto portfolio manager and multi-exchange terminal, currently supports 35 CEXs, using a multi-layered approach to ensure secure access for users. The company is also actively working to integrate all major DEXs with a commitment to prioritize security and the safety of user assets throughout the process. Embracing a noncustodial approach, GoodCrypto doesn’t hold or have access to user funds. Instead, users trade directly from their existing accounts or wallets on exchange platforms. This ensures users’ funds remain in CEX or DEX wallets, depending on which one holds the funds.
GoodCrypto protects users by encrypting connections and data. Source: GoodCrypto
On CEXs, API keys issued to GoodCrypto do not grant withdrawal rights. For DEXs, the platform never has access to users’ wallet keys, eliminating the possibility of unauthorized access to users’ funds. Traders can also whitelist GoodCrypto’s server IP addresses for their API keys, which limits their usage exclusively within the GoodCrypto system.
Designed to prioritize security and privacy, GoodCrypto supports trading on 35 CEXs, wallets tracking on 15 blockchain networks, including Bitcoin and Ethereum, and providing access to all major DEXs by 2024. Launched in 2019, the platform hosts a seasoned team with a strong background in cybersecurity and an average programming experience of over 15 years.
Limited access with OAuth for better security
Open Authorization (OAuth) is a widespread security protocol that lets users grant limited access to their accounts from one platform to another without sharing their login credentials. GoodCrypto follows the trend by offering its users OAuth connectivity as an alternative to API keys. API keys are never exposed in this method, ensuring a higher security level.
If an exchange doesn’t support OAuth or prefers API keys, GoodCrypto encrypts API keys on the user’s device with 2048-bit asymmetric encryption and transmits data to its servers via an encrypted connection. The keys are stored in a firewalled environment and never returned to the user’s device, further improving security.
GoodCrypto can be accessed from a multitude of devices. Source: GoodCrypto
GoodCrypto divides its backend services into separate environments, and all connections in-between are encrypted. The platform regularly undergoes third-party audits and emphasizes personal user data protection.
“GoodCrypto was built with API keys and user data security in mind from the ground up,” said Maksim Hramadtsou, the founder and CEO of GoodCrypto. He added:
“While security threats continuously evolve, GoodCrypto’s system evolves as well, ensuring that we always stay several steps ahead of the bad guys.”
As a participant in the Cointelegraph Accelerator program, GoodCrypto aims to focus on bringing advanced trading tools developed for CEXs to DeFi ecosystem by offering them for major decentralized exchanges. As the team builds for better security and privacy, users will be able to manage their crypto portfolio from one simple screen without worrying about exploits and breaches.
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