Luxembourg-based VNX Exchange and the University of Luxembourg have combined efforts to improve the security of digital assets in a collaborative project.

VNX is a marketplace and trading platform for tokenized ventures, and a member of Luxembourg House of Financial Technology (LHoFT), Infrachain and APSI (L’Association des Professionnels de la Société de l’Information).

The university’s role in the project will be to develop greater security for digital assets and design new IT frameworks to improve exchange security. Researchers at the University’s Interdisciplinary Centre for Security, Reliability, and Trust (SnT) will be working on a solution to ensure that contracts that control individual transactions are vulnerability free.

Network Security expert at the University Dr. Radu State has noted that several issues need to be addressed regarding the current systems offering tokens. VNX founder and CEO Alexander Tkachenko has agreed that the exchange will need to adjust and improve in order to meet market standards by examining its investor protection facilities, commenting:

“In creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets we aimed to introduce modern security mechanisms that could totally secure our platform and could impact the global cybersecurity market.”

Tkachenko said he was convinced that “blockchain technology is the next big step in the financial sector’s evolution.”

Tiny landlocked Luxembourg has an important role in the EU as the seat of the European Court of Justice, the highest judicial authority in the European Community. Luxembourg is continuing to position itself as a blockchain hub in the region; surrounded by France, Germany, and Belgium. It is still in the throes of expanding its development in the sector. In comments made last year by Xavier Bettel, Luxembourg’s Prime Minister and Minister of Telecommunication stated:

“The state is fulfilling its role as a kickstarter and a coordinator while leaving technological and commercial choices to the industry,” whilst facilitating projects which create “meaningful projects in cutting-edge technology.”

 

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