press release
PRESS RELEASE. CryptoDATA Tech, the Xiden blockchain developer and MotoGP Austrian Grand Prix’s title sponsor until 2024, is joining a new project that provides highly sought-after safeguards for crypto users. CryptoDATA Tech is partnering with Martoms Brothers & Co and several reinsurance companies to create a mutual guarantee fund that will provide safety for any crypto user and project that chooses its services. The project will be launched in September and will offer revolutionary products and services that will guarantee its users protection against crypto losses due to hacks, scams, and bad management.
Martoms Brothers & Co will provide several products that will insure users’ and projects’ assets against total losses of up to $1 billion (in the initial stages) on selected exchanges. The insurance process extends to hacks, defenses for users’ wallets, and protection against losses suffered through potentially malicious actions.
“Risks are ever-present in the crypto space, and this year has not been spared from catastrophic events. The market crash caused by LUNA resulted in a domino effect in which Three Arrows Capital, Celsius, and many others went bankrupt. This, combined with other actions undertaken by important actors, such as Elon Musk selling 75% of Tesla’s Bitcoin, are prime examples of how vulnerable crypto is,” says CryptoDATA Tech CEO Ovidiu Toma. “This, together with the presence of multiple scams and failed projects, make a solid case for the need for regulations and norms to reign in the Wild West that the crypto world has become. We want to assist the crypto world in bouncing back by helping the industry regain users’ trust through the protection of their assets. We want project developers to no longer blame failures and thefts on either real or fake hacking. And finally, we strive to underline the fact that users’ security is essential and should be the norm, not an exception, period.”
The Xiden Blockchain
Over the last years, CryptoDATA has expanded its field of activity to encompass a wide range of blockchain-based solutions and projects. One of its most important projects is Xiden, a blockchain alternative built for developers, that introduces a new, low-energy way of crypto mining, giving users the possibility to no longer be conditioned by excessive energy consumption or highly specific equipment.
Xiden can be considered an Internet of Things-native blockchain, that aims to deliver a…
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