Coinone, one of South Korea’s leading exchanges, has teamed up with two auditing companies in a bid to heighten safety measures and offer more transparency to its investors.
Coinone announced the news of the collaboration, giving details that it is partnering with security audit company CertiK as well as with disclosures company Xangle, stating:
“In the future, the two partners will provide ‘public disclosure information’ and ‘smart contract audit information’ of CoinOne listed cryptocurrencies.
Xangle will be involved in the disclosures project in order to protect Coinone’s cryptocurrency investors and promote more project transparency. This, according to Coinone, will include incorporating a token unlock, project business model change and token governance, investment stocks considering price volatility to the company’s set up.
For Xangle, the report states that their disclosures will provide protection for crypto investors as well as making projects more transparent. These disclosures could include information about new tokens, changes in a project’s business model, token governance and the volatility of investment stocks.
CertiK will be involved in the smart contract auditing of the company, with the intention of preventing accidents like cryptocurrency exploitation, hacking, and problems created through code security vulnerabilities. CertiK will also be tasked with ensuring that the smart contract platform is stable and secure.
Last year, Coinone announced that it would be launching a new exchange in Indonesia to offer services to customers abroad. Coinone explained that Indonesia is recognised as a fin-tech hub in the Asian market and making the move to the Southeast Asian nation would be beneficial for new developments.