Given the large number of hacks that have already taken place and the propensity for more given the early nature of such a new technology, many traders and investors are looking for an edge in security and Flit Exchange has set out to give them just that.
An extremely thorough KYC process can be off-putting to some who wish to remain anonymous but Flit Exchange isn’t about that as it is a fully licensed and regulated entity.
Flit Exchange is the first exchange to employ MPC (Multi party computing). This technology has been exhaustively trialled and tested and rolled out globally (with the exception of Japan where 100% cold wallet storage is still in force in order to remain compliant in that jurisdiction).
The technological advancement of MPC enables Flit Exchange to reduce reliance on cold wallets by 90% while still maintaining the same level of security. In addition, the speed of withdrawal for customers has gone from 1 to 15 hours to a vastly reduced 1 to 15 minutes.
Flit Exchange appears to be ultra confident of its security so doesn’t provide insurance for user funds, unlike Binance, so if that hack does occur at some point it’s the old adage of "keep your funds off exchanges as much as you can".