Newton Crypto Exchange Signs Balance for Assets Custody

Toronto-based Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Newton Crypto has partnered with crypto custodian Balance to safeguard its customers’ digital assets. Balance, which supports eight major Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, will act as a third-party custodian and wallet provider for Newton's customers.

The Canadian custodian stores crypto assets in secure vaults distributed across multiple locations in North America. Their hardware security modules are stored in access-controlled facilities while all private keys are generated and stored offline, as well as backed up in multiple copies to prevent accidental loss.

After QuadrigaCX crisis, the crypto exchange that was shut down following the sudden death of its founder, the Canadian crypto community has been skeptical about similar platforms. The five-year-old business reportedly misplaced another $500,000 in cold wallets. Court documents say the $190 million in missing cryptocurrency is locked in offline digital wallets while the late CEO was the only person who had the password to the company’s wallets.

As such, Newton says it recognizes the importance of security in today’s crypto marketplace, calling it a huge part of their strategy.

More about Newton

Newton Crypto is a commission-free brokerage that allows Canadians to buy, sell, and transfer cryptocurrencies. They have in place a partnership with DVX Capital Markets, a regulated trading firm with over ten years of experience trading traditional asset classes and, more recently, cryptocurrency for institutional customers.

“We know that some customers are concerned that what happened at Quadriga last year could happen again, and we want them to rest assured that it can't happen at Newton. This step will also ensure that customers will no longer need to know the ins and outs of cryptocurrency just to purchase and store it safely," said Dustin Walper, CEO of Newton

“Balance is committed to promoting the need for strong financial controls and regulatory supervision for the local digital asset ecosystem, and Newton has demonstrated a commitment to this same vision,” added George Bordianu, Co-founder and CEO of Balance.