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Quick take:
The Exchange API Vault employs the same enterprise-grade security best practices for securing private keys, but adjusts them to facilitate seamless, low-latency trading and automated liquidity operations.
The API Key management tool also comes with integrated runtime remediation as a kill switch to shut out hackers in the event keys are compromised, and is fully auditable in real time.
Some of the crypto platforms already using the Exchange API Vault include leading market making platform, Flow Traders, eToro, Exodus, Flowdeesk, and Raise, among others.
Sodot, a crypto key management company specializing in self-hosted MPC and TEE products, has rolled out the Exchange API Vault, an enterprise-grade key management solution designed to be integrated with CEX trading infrastructure and secure billions of dollars in digital assets.
The new API key management solution seeks to address the challenges of securely managing API keys used in crypto. Its full rollout comes amid rising cases of off-chain attacks leading to on-chain loss of funds, with the latest examples being Bybit (Safe), Swissborg (Kiln), and Dimo. Bybit’s hack saw attackers from North Korea steal about 400,000 ETH, equivalent to about $1.46 billionat the time.
Attackers have been taking advantage of some key weaknesses in the industry, including fragmentation. With institutional firms operating across multiple exchanges, venues, and vendors, they are forced to rely on hundreds of API keys used continuously by multiple automated systems. This exposes them to the risks associated with the fragmented nature of the industry.
Sodot seeks to address this challenge by employing the same enterprise-grade security best practices for securing private keys, but also adjusting them to facilitate seamless, low-latency trading and automated liquidity operations.
The company’s comprehensive solution for key management enables asset managers and market makers to orchestrate their crypto keys at the scale needed to support high-volume and low-latency trading.
The Exchange API Vault has also integrated runtime remediation as a kill switch to shut out hackers in the event keys are compromised, and is fully auditable in real time.
Some of the crypto platforms already using the Exchange API Vault include leading market making platform, Flow Traders, eToro, Exodus, Flowdeesk, and Raise, among others.
Commenting on the announcement, Laszlo Fodor, Head of Digital Assets Technology at Flow Traders, said in a statement: “Solutions like Sodot’s Exchange API Vault contribute to the trust across the digital asset ecosystem, which is an important driver for broader adoption and its underlying technological innovation. We are actively leveraging and supporting such solutions to continue to advance capital markets.”
Ido Sofer, CEO of Sodot, commented: “Flow Traders sets a high bar for how modern trading teams should operate. We’re proud to support that standard with our infrastructure products, and contribute to their important mission of driving efficiency and innovation across global financial markets.”
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