Benefits of Klever Kustody in Klever Exchange

Getting your crypto assets self-custody is a very important feature after your trade in any crypto exchange.

There are many exchanges where crypto is in their custody and you just buy and sell crypto assets. Users are not allowed to send or withdraw it.

You might read news that a crypto exchange has been hacked and all the users' assets have been stolen. This might happen when crypto exchanges keep crypto in their own custody. 

Custody is a third-party provider of storage and security services for cryptocurrencies. 

Looking at this, Klever Exchange's Kustody service allows users to get complete control of the assets when they trade on the platform. 

Klever Exchange has added a new feather in its cap by launching its web version and also a mobile application on Apple's Store on 30 September 2021.


What is Kustody?

Kustody is the Klever way to create a custody service developed with micro services and an ironclad security architecture that provides safety for the user’s private key.

Compared to the Klever Wallet app, Kustody will have the possibility of having several users sharing the same wallet, and transactions can be signed by multiple users simultaneously.

Initially, we will only have off-chain multi-sig (multi-signature) for all coins in Kustody. 

Blockchain multi-sig will be implemented gradually and all major coins and tokens supported by the Klever Wallet app will also be supported by Kustody. 


Security

An ironclad security architecture is what keeps all private keys safe with Kustody. 

The entire signer system can only be accessed through internal services and all internal communication with the signer service is encrypted, preventing both attacks from outside or inside.

Furthermore, any transaction made through the Kustody user wallets requires the proper approval of its administrators, and the custom settings inside the wallet can further increase its security measures.

Klever Exchange uses Kustody as a service to handle all types of blockchain-related calls and transactions. It has been designed to be a fully stand-alone project.

Klever has been perfecting the security of its Klever Kustody solution for years through their work in the crypto wallet field and banking sector, making the exchange wallet system extremely secure, based on the latest encryption methodologies available.

Since all components of the Klever Exchange security architecture can communicate with one another, but not give commands to or affect the other components’ actions, this makes the entire system virtually bulletproof against malicious actors or hackers, and introduces a new era of wallet security for the crypto exchange industry.


Kustody for the Klever Exchange Users

With the launch of Klever Exchange, the Klever ecosystem will give users the option of holding their crypto in self-custody through the Klever app, as well as in the Kustody of Klever Exchange in order to trade at the fastest crypto exchange on the market, supporting over 3 million transactions per second.

Self-custody with a trusted exchange like Klever Exchange is highly requested by users. And after the launching of Klever Exchange, Klever Hardware Wallet and the Klever Wallet App update are coming soon.

Whenever, whichever crypto you trade at any crypto exchange, it is a Klever idea to hold your crypto assets in your own Kustody.

Jagdish Kumar
Klever Writer

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