Bitpanda Switches to IOTA Hub Tech for Greater Security

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Austria-based cryptocurrency exchange Bitpanda is strengthening its relationship with the IOTA team and bolstering the security of trading the IOTA cryptocurrency. In addition to completing wallet integration of the IOTA token on the exchange, Bitpanda has also begun to use the IOTA Hub, saying in a blog post it’s one of the first companies to do so.

IOTA Hub is designed to manage the work tied to the IOTA Tangle technology through an API, “translating unfamiliar concepts in IOTA into familiar concepts for both exchanges and developers,” the blog post reads. Otherwise, it’s relatively difficult for exchanges to create the technical infrastructure to properly integrate the IOTA cryptocurrency.

Key Benefits

Chief among the benefits of using IOTA Hub is security across –

  • Managing key indexes
  • Transaction monitoring
  • Prevents improper use of IOTA Tangle
  • Secure seed management
  • Two-factor authentication

IOTA Foundation’s Edward Greve stated:

“It has been a pleasure working together. The Bitpanda team works quickly and professionally. They were able to set up the IOTA Hub integration with very little support, which we hope demonstrates that the Hub itself is easy to use.”

Bitpanda CTO and Co-Founder Christian Trummer said Bitpanda is ready for future IOTA changes and updates, stating:

“The IOTA Foundation started with the development of the IOTA hub at about the same time we started with IOTA integration on Bitpanda. First we started on our own, but we soon decided that we want to switch to the official IOTA hub from the IOTA Foundation.”

IOTA, which boasts a market cap of $1.5 billion, is currently trading up fractionally to $0.55.

 

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