A new exchange, Alluma, is all set to take the world of cryptocurrency by storm. The exchange is headquartered in Singapore, and also has its office in India.
Presently, the exchange is looking to make inroads into emerging markets that include countries such as India, Philippines, Indonesia, Malaysia, Thailand.
Alluma is currently in its closed beta stage and will soon launch sometime in July. The team comprises mostly of Indians, but the management is international and comes from banking backgrounds with years of experience at established banks such as JP Morgan, Deutsche Bank, RBC, Credit Suisse, American Express, Ericsson, Deloitte, GLG, Quoine, among others.
Noticing the rising cases of exchanges being hacked, the world over, Alluma strives to be different by learning from others’ mistakes. Putting security as their major priority, the exchange has several strong measures in place including six-layered security architecture that includes:
- Best-in-class protection against distributed denial-of-service attacks (DDOS) to prevent any possible service outages
2. Two factor authentication (2FA) and where appropriate, multi-signature
arrangements are used for every critical action
3. Our Core exchange engine hidden in a private network, making it inaccessible to all
4. Storing 96-99% of funds in cold storage to protect against hot wallet attacks
5. Biometrics used to access the server facilities preventing unauthorized physical
6. Multi-level hardware security including tier 3 sites, self-hosted, wholly-owned servers
Currently the exchange supports both INR to Crypto as well as Crypto-to-Crypto trading. It is not oblivious to the looming prospect of the central bank of India, Reserve Bank of India’s circular that restricts banks from working with cryptocurrency exchanges.
Akash Agarwal, the Chief Executive Officer (CEO) said, “At this stage we are planning to support deposits and withdrawals of INR to crypto, however if the RBI circular is upheld and enforced our exchange will still offer robust and highly liquid crypto to crypto markets.”
Apart from the six-layered security architecture, the exchange’s other features also include: Secure, compliant and Liquid exchange, robust localised KYC & AML framework and multi-layered corporate governance. The team also has an institutional grade platform that can manage 1 million transactions a second.
At the time of the launch, the exchange will support liquidity for 40 pairs of crypto and fiat trading, streamlined onboarding, 24/7, access to shared liquidity and easy to use UI with advanced trading tools.
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