Back

Kraken Enforces Security with Compulsory 2FA, Launches Kraken Security Labs

News
Thu, 03/28/2019 - 12:46
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • 🗂️😎🔐Crypto exchange Kraken is working on increasing its security measures by introducing several new initiatives, including its own security labs for servicing third-party companie

Cover image via U.Today
Contents

After hiring a new chief security officer, Nicholas Percoco, the Kraken exchange has gotten down to enhancing its security measures in order to protect users’ funds and to keep up with rivals in general.

Emphasis on better protection

This week, Kraken’s newly appointed head of security published a corporate blog post, saying the platform is now adopting obligatory two-factor identification (2FA), improving the company’s security line.

Previously, the exchange offered 2FA as the only option to its customers – this has been the way to work since Kraken’s founding in 2013. However, this is no longer the case. Percoco specified in his blog post that currently users can choose Google Authenticator or YubiKey platforms for conducting 2FA.

Must Read
Forbes: Telegram ICO Creator Makes Russia Look Good for the Crypto Industry - READ MORE

Launching its own security platform

The second measure is that the exchange has set up Kraken Security Labs. The goal is to protect the products Kraken offers to its users, as well as contribute to the security of the global crypto ecosystem.

The firm, reportedly, intends to research bugs in the software produced by third-party companies, ‘hot’ and ‘cold’ wallets in particular.

Must Read
BitTorrent Debuts New Live Streaming Service - READ MORE

Overall strategy

As per Percoco, he seeks to transform Kraken into a strong market leader among security providers. He plans to use cutting-edge products from the security industry, naming threat intelligence, techniques of adversarial deception, among others, as those to be implemented in all products Kraken offers currently or will be offering in the future.

The security team has even issued a roadmap, which promises that new efficient improvements will be integrated by 2020.

Kraken follows suit behind Binance

Recently, U.Today reported that the Binance exchange is implementing better compliance standards, as well as introducing tougher KYC rules.

Kraken seems to be going in the same direction but in a slightly different manner.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Recommended articles
Binance CEO Says He's Looking Forward to Decentralized Social Media Running on Ethereum 2.0

Binance CEO Says He's Looking Forward to Decentralized Social Media Running on Ethereum 2.0

Traders Push Bitcoin Below $10,000 By Dropping $150 Mln from BTC Open Interest

Traders Push Bitcoin Below $10,000 By Dropping $150 Mln from BTC Open Interest

Coinsquare Hackers Plan SIM-Swapping Attacks After Obtaining Exchange’s User Data

Coinsquare Hackers Plan SIM-Swapping Attacks After Obtaining Exchange’s User Data