ChainSwap, the pioneering multi-chain decentralized exchange (DEX), has unveiled an added layer of security through its latest features, the ChainSafe Account and Privacy Swap. The new feature will enable users to deposit their assets into a contract secured by a 6-digit PIN, providing additional security in case their wallet is compromised. Additionally, Privacy Swap allows users to conduct transactions while keeping their wallet address anonymous.
As losses from crypto investment scams reached US$3.94 billion in 2023, a staggering 53% increase from 2022, it is imperative that users secure their digital assets against fraudsters. The new ChainSafe Account not only secures users’ digital assets in the case of wallet compromise but it also enables them to send their assets to other wallets.
While hardware wallets have been the top-of-mind option to secure digital assets, they pose a logistical inconvenience in trading. Through the ChainSafe Account, users are now provided with accessibility to reliable security in tandem with the convenience of transactions across multiple blockchain networks.
With the ChainSafe Account standing as a last line of defence, Privacy Swap leads the way in securing transactions by obscuring wallet addresses and preventing threat actors from accessing critical information.
“The crypto space is full of opportunity, and with opportunity, there comes the misfortune of threat actors who seek to exploit users in the space. Due diligence is, without doubt. necessary for cyber hygiene when navigating the crypto space, and at ChainSwap, we seek to complement that with the technology that secures users’ assets in the case of compromises. Our ChainSafe Account feature brings precisely the added security needed to protect users from having their assets stolen, while the Privacy Swap establishes a preventative precedent that keeps users’ wallet addresses anonymous from scammers.”
As the first of its kind, ChainSwap’s ChainSafe account brings to users the 2FA methodology as a last line of defence behind Chainlink’s Cross-Chain Interoperability Protocol. This development, combined with Privacy Swap, introduces the additional security needed in the DeFi landscape, where threat actors often run rampant.
With its leadership in the multi-chain DEX space, ChainSwap delivers smooth and secure transactions across all compatible blockchain networks, including Optimism, Ethereum, Arbitrum, Avalanche, Polygon, and Base.
