Integration of 2FA into a Best White Label Crypto Exchange

Two-factor Authentication:

Significance 2FA adds an extra layer of security to your exchange platform. Cyber-criminals indulge in various social engineering activities and can hack your users’ IDs and passwords with the help of the internet. However, 2FA prevents cyber-criminals from accessing your users’ accounts, thus providing appropriate measures to safeguard their accounts.

A traditional example of 2FA

Two-factor authentication has been in practice for a long time. For example, a bank locker – if you want to operate your bank locker, one key is held with you and another is with the bank. Both the keys (with you and your bank) are required for you to access the valuables in your account.

Working of Two-factor authentication

The working is not that complicated, as it may sound. User ID and password will remain the same while signing in to the best white label crypto exchange or a customized crypto exchange, but only an extra step is required to safeguard the funds. It may be in the form of OTP (One Time Password) that is sent onto your mobile phones or an app like a Google authenticator that verifies the authenticity of a user. This additional information needs to be inserted after your users enter their required credentials into the exchange login.

Thereby, the users should make sure to never share their email password, mobile password or any other piece of code with anyone, as it would enable the cyber-criminals to get a hold on your users’ accounts.

If you are planning to build your crypto exchange, we can provide you with a highly-secure platform integrated with market-leading security features. Whether you need to white label exchange or want to build a custom crypto exchange from scratch, we deliver a secure solution that aligns with your business requirements.

Schedule a free demo of our white label crypto exchange or connect with our subject matters experts to share your requirements for a custom exchange or get expert advice on anything related to crypto exchange.

To read in detail, visit our blog " Integration of 2FA into a White Label Crypto Exchange "

Comments

A Complete Guide to Stablecoin Development

As the name suggests, the stablecoins are digital currencies that are price stable. Thus, a stablecoin offers all the advantages of a cryptocurrency but its price is pegged to an asset like physical gold or a fiat currency like USD. It brings the best of the two worlds together. While it provides high security with cryptography, encryption, and hashing, it also provides the stability offered by fiat currencies. Why did stablecoins become so popular in 2020? Stablecoins gained tremendous gr o wth in the year 2020. A close look at the market reveals that over 200 stablecoins have been announced to date and the total supply of the stablecoin market has surpassed 12 billion. However, more than 60% of the stablecoin projects are conducting research and development to become fully active. Thus, the stablecoin industry offers a lot to the new entrants to flourish. Here the top 5 reasons for the increasing popularity of stablecoin development: As discussed above, a stablecoin is backed by...

Things you need to know about Cryptocurrency Exchange Software Development | Antier Solutions

Cryptocurrency has become popular in recent times. More and more people from across the globe are showing interest in understanding, buying, and trading cryptocurrency. Even though there are different cryptocurrency trading exchanges in the market, there is a demand for crypto exchanges that offer better services. A crypto trading exchange is a platform where people buy and sell cryptocurrency. The success of crypto exchange software depends on how secure it is, how fast the transactions are processed, and how many cryptocurrencies it supports. Also, the crypto exchange should allow users to convert crypto to fiat currency and vice versa. White label Crypto Software You would know that developing a cryptocurrency exchange from scratch is no small feat. It involves a lot of money, time, and effort. Not everyone can afford to invest as much money in developing the platform right from step 1. Well, it is not needed either. You can contact cryptocurrency exchange software deve...

How To Build DeFi Yielding Platform that Guarantees Returns for the Owner?

Crypto finance has matured. It is no more ‘that alternative source’ of making more money. Rather, the mainstream consumption has positioned it alongside the traditional fiat markets. In all honesty, Decentralized Finance (DeFi) protocols have had a significant role in moving the trends from ‘somewhat decentralized’ to ‘total decentralized’ transition of the Blockchain finance products. Understanding Yield Farming — Staking cryptos to make more cryptos To put it simply, it is a practice of investors staking (farming) their crypto assets in a farm (pool) and earning interests (yield) in return. Unlike traditional staking, Yield Farming generates returns faster and can be implemented with less number of investors. Therefore, many upcoming DeFi protocols are written around Yield Framing to attract greater participation. Ideally, a DeFi yielding platform uses open-source and permission-free decentralized apps that provides complete control to the users. This means, no third-party entities o...

Antier Solutions

Search This Blog