VNX Exchange Works with University of Luxembourg to Augment Crypto Asset Security

A new collaboration between Luxembourg-based VNX Exchange and the University of Luxembourg seeks to bolster the security of digital assets.

This is according to a report seen on the business news outlet Luxembourg Times.

VNX is a marketplace and trading platform for tokenized venture capital established last year. VNX is a member of fintech incubator the Luxembourg House of Financial Technology (LHoFT), Infrachain and APSI (L’Association des Professionnels de la Société de l’Information).

Within the partnership, the University of Luxembourg would help VNX work on higher levels of network security for digital assets. The experts at the University’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) would design new IT frameworks to augment exchange security, and the custody of crypto assets.

Dr. Radu State, an expert in network security at SnT, said that a number of issues must be tackled for heterogeneous systems that issue tokens on a blockchain. State took note that security at “the software layer” must make sure that the contracts that control individual transactions do not hold any vulnerability.

VNX founder and CEO Alexander Tkachenko remarked that the exchange’s development would need regulatory clarity, investor protection, and compatibility with current market standards, saying:

“In creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets we aimed to introduce modern security mechanisms that could totally secure our platform and could impact the global cybersecurity market.”

Tkachenko also disclosed he considers that “blockchain technology is the next big step in the financial sector’s evolution.”