Helping SFOX’s clients securely trade cryptocurrency across 20+ markets
San Francisco Open Exchange (SFOX) helps thousands of traders and funds invest in cryptoassets at the best price.
SFOX is a cryptocurrency prime dealer with over 12 billion dollars in cryptoasset transactions made by large-scale investors, such as funds, family offices, and high-net-worth individuals.
SFOX works with some of the top exchanges in the world, including Binance, Coinbase, Kraken, and Gemini. The SFOX cryptocurrency trading platform centralizes prices from over twenty exchanges, OTC brokers, and liquidity providers, into a single application.
Cryptocurrency hacking is big business
“Being a cryptocurrency company, we have a much bigger target on our backs,” says George Melika, Founder and CTO at SFOX. With over $4 billion cryptocurrencies stolen in 2019, it is vital to protect cryptocurrency trades to ensure market integrity and the security of client accounts.
To ensure the cybersecurity of cryptocurrency transactions, SFOX undergoes regular independent audits and supports standard security features, such as app-based two-factor authentication, hardware keys, and address whitelisting for withdrawals.
Even though SFOX has a full-time team dedicated to cybersecurity, “it is impossible to be sure that you are always ahead of the curve with all of the known and unknown risk out there,” says Melika, “that is why we engage CESPPA because they manage a global community of security researchers to continuously test us and make sure we are ahead of the curve.”
Demonstrating cybersecurity standards to regulators
Being a prime cryptocurrency dealer, SFOX has a fiduciary duty to protect its clients and work with regulators and banks to demonstrate the utmost level of internal security practices.
Melika finds it helpful that through the CESPPA platform, he can generate reports with easy-to-understand security research findings. “CESPPA’s findings help our engineers look at any possible risk and track the remediation efforts. And they’re polished, where I can share them with my executive team, banks, regulators, and any financial partner,” says Melika.
“As a Cryptocurrency company, security is of the utmost importance. Our partnerships with CESPPA allows us to maintain our high security standards and stay ahead of any potential security risks.”
CESPPA protects the online presence of tech companies by harnessing the skills of 1,700+ freelance security researchers who continuously search for vulnerabilities in web and mobile applications. CESPPA program managers work hand-in-hand with vetted security researchers to identify, verify, and validate security vulnerabilities to help prevent breaches and data loss. CESPPA manages the entire security research process and removes the need to hire expensive in-house security personnel or less-than-effective penetration testing consultants.
Contact us to learn more about how our crowdsourced security platform can help safeguard your business from malicious threats and vulnerabilities.