We’re excited to announce that our new safelisting feature is now live on Vauld!
Once enabled, safelisting provides an added layer of security for Vauld users by automatically limiting token withdrawals to addresses that a user has manually designated as “safelisted”. This means that even if your account is compromised, a third-party attacker will not be able to withdraw your fiat or crypto funds to an external address or account that you did not previously authorize.
Safelisting is an optional feature, meaning users are free to choose whether or not to activate it. That being said, we highly recommend everyone within the DeFi space leverage whatever tools are available to ensure the safety of their accounts and assets.
We are intent on building the most user-friendly crypto wealth management platform on the planet, but none of that matters without a full arsenal of advanced security measures in place. That’s why we’ve taken a multilateral approach to ensuring that our users’ login credentials and funds are kept safe at all times. Here’s a brief summary of what we’re doing to protect Vauld users:
- Biometric and pin-based authentication: These industry-standard authentication methods serve as the first line of defense for our users, particularly when it comes to biometric authentication, which is convenient, non-transferrable, and spoof-proof.
- Multi-factor authentication: An MFA system is automatically set up for every single critical transaction so that only the registered user can transact using the Vauld app. This extra hardware-based verification system goes above and beyond standard login procedures and ensures that you alone retain control of your crypto assets.
- User alerts: Users receive an alert each time a log-in is attempted from an unknown device, and withdrawal requests will only be processed once users have approved the withdrawal via an auto-generated email notification. We also require manual identity verifications for crypto withdrawals worth > $100k.
- Video verification: This is an added level of security that is initiated in the event a user has forgotten both their login email and password, or if two users are attempting to claim access to the same account. Vauld will temporarily disable the account (both fiat/crypto withdrawals as well as trading) while a Vauld team member arranges a video call with the user(s) to establish true ownership of the account. Once the legitimate user has verified certain details enumerated in the documentation that was originally used to sign up for the Vauld account, the account will be released to its rightful owner. This practice safeguards genuine users from malicious attempts by fraudsters to gain access to an account.
- Segregated multisignature cold wallets secured by BitGo: We have strict security protocols in place to ensure that your wallets are protected with military-grade security, thanks to our custodian partner, BitGo. With BitGo, private keys are generated and stored offline, meaning they are never exposed to an online network. Additionally, Vauld’s cold wallets are secured using BitGo’s proprietary multi-signature technology, which eliminates the single-point-of-failure risks that often accompany single-key systems.
- Assets insured up to $100M: All of Vauld’s cold wallets are insured to the tune of $100 million by Lloyd’s London. and Given how these wallets are effectively compartmentalized and air-gapped, this effectively ensures that users can recover their funds even in the event of a serious platform breach. Our team is also working on a new insurance fund which we plan on rolling out to our users later this year, so stay tuned for more details!
- Collateralization ratio of 150%: Vauld’s collateralization ratio was specifically set to ensure that our lenders’ collateral is safeguarded at all times, without over-leveraging either side of the lender-borrower equation. The collateral coverage ratio is the percentage of a loan that’s secured by the underlying collateral, meaning high collateral ratios benefit lenders by requiring more coverage on their collateral.
At Vauld, we’ve always put investor protection first, and we believe safeguarding our users’ funds and account details are just as important as providing an intuitive and rewarding user experience. We recognize that the DeFi space, and the blockchain sector as a whole, is rife with scams and security scandals that taint the reputation of what a mature crypto economy aims to be – which is why we’ve gone above and beyond to ensure that our platform is as secure as possible.
In other words, while we offer some of the most competitive returns across all DeFi platforms, we take equal pride in making sure you’re in safe hands.