Speaking about traditional exchanges, all data and funds localized in the wallets are at risk in case of the attack. This scenario is different with ParamountDax:
To make all these possible we have gone further, we have spared no expense to ensure a platform that is safe at a higher level, we have relied on BitGo, a leading blockchain company that provides a cold wallet storage service for large companies.
Keeping a majority of crypto assets in cold storage means that only funds that are needed to process withdrawals are made available to the exchange systems.
Moreover, in order to make sure that the cold storage is not predisposed to bureaucratic manipulation or that a non-authorized person cannot access these crypto-assets, ParamountDax is also secured by the combination of Multi-Sig wallets and Smart Contracts.
In such a way, the funds will be kept offline, with maximum security and there will be no access for anyone outside of carefully selected people.
$100 Million warranty & two-way approach
In addition to keeping most of the funds in the cold wallet, we have pushed our security to the maximum level by signing a guarantee agreement for $ 100 million in case of any losses due to system breaches.