The VNX Exchange and the University of Luxembourg are officially teaming up to work on solutions to bolster digital asset security, according to the Luxembourg Times.
Through the partnership, researchers at the university’s Interdisciplinary Centre for Security, Reliability, and Trust (SnT) will build new IT frameworks to help make exchange and custody of digital assets more secure.
VNX characterizes itself as a “marketplace and trading platform for tokenized venture capital assets.” The Luxembourg-based company says it chose the European country due to its favorable regulatory environment and notoriety in the decentralized economy.
The SnT conducts research in the fields of information and communication technology, with a particular focus on FinTech, cybersecurity, and secure and compliant data management.
Impacting The Worldwide Cybersecurity Market
VNX founder and CEO Alexander Tkachenko claims the partnership’s ensuing technology could cut global cybersecurity costs in half, according to the Luxembourg Times.
He hopes the partnership will make big steps forward in providing “regulatory clarity, investor protection, and compatibility with current market standards” so blockchain can set itself up as the “next big step in the financial sector’s evolution.”
SnT network security expert Dr. Radu State notes how work should
“address two aspects – protecting against criminals who might try to hack the system to steal money or information, and guaranteeing compliance with anti-money laundering and KYC regulations.”
Tkachenko says SnT’s previous research in the FinTech field “have left us confident in their abilities.”
Bolstering Luxembourg’s Reputation In The Crypto World?
Some speculate work carried out through the partnership could help VNX deliver on some of their promises related to tokenized venture capital assets, particularly because reduced security costs could attract new and interested participants.
Luxembourg is generally seen as a more progressive country when it comes to cryptocurrencies and related ventures, even as research suggests citizens might still be more interested in traditional financial products.
A survey carried out in June 2018 by Ipsos on behalf of ING found 4% of 500 respondents in the country owned cryptocurrency. When asked if they were planning to own cryptocurrency in the future, 13% said they expected to do so.
