Singapore-based global cryptocurrency exchange Phemex supports the security of the system and user accounts with new steps. In this context, the exchange, which has implemented a new application, aims to increase user security with the Hierarchical Deterministic Cold Wallet System it has designed. With this development, the assets of fund owners investing in Phemex are periodically collected in multiple signed cold wallets. It is aimed to keep user funds SAFU (safe) with the Hierarchical Deterministic Cold Wallet System, which defines a cold wallet fund deposit address for each user. Investments are collected periodically in multiple cold wallets via offline signature.
With its Wall Street risk control experience, Phemex can detect malicious actions and take action quickly to ensure the security of user assets and the platform. Qualified fund withdrawal requests on the platform are made with an offline signature. In addition, all transactions on assets are made with offline signature and stored in the cold wallet system.
In line with its transparency policy, the exchange continues to publish proof of reserve so that users can check the security of their funds in the reserves. It is also shared with the public that Phemex has no outstanding corporate debt. It is expected that the trust index in the crypto ecosystem will be positively affected by the publication of the reserve evidence and the new security measures implemented.
What does SAFU mean in the crypto ecosystem?
SAFU; It is a crypto term that means that cryptocurrencies are safely stored in cold wallets, exchanges such as Phemex, or in the wallets of users in the ecosystem. It is used as an expression to mean that user assets are safe. SAFU is the “crypto” way of saying “safe”. It is often used to express that user assets are safe, especially in crypto communities on Twitter.