Inbex has unveiled the hacker-proof wallet for storing cryptocurrencies. The wallet is South Korea’s first for corporate investors.
The wallet, called Venezia, will be available to institutional investors, exchange platforms and custodian service providers.
Venezia has a three-layered security system. Firstly, an investor can encrypt his or her private key. Secondly, one can store the coded private key at the ‘Cold Storage.’ Thirdly, the multi-sig system needs three out of the five registered keys to withdraw the cryptocurrencies.
An Inbex spokesman said the three-phase security system makes it almost impossible for hackers to take out the cryptocurrencies. At least it might take a significant amount of time for hackers to steal the cryptocurrencies.
An alarm signal will alert managers when a hacker attempts to steal the cryptocurrencies.
