Putting the Lock and Key on Cryptocurrency Trading

3 min read

An IBM Cloud solution makes digital asset trading safe for financial institutions.

In early 2017, the world was abuzz with talk of Bitcoin and cryptocurrency. The general consensus, however, was that it would be years before the technology was secure enough to use for accessing digital currency. There were no specific plans around who was going to build that technology or what it would look like.

At the time, the three of us were immersed in different aspects of the traditional trading world (Marc in writing algorithms, Ryan in trading, and James in marketing), but we were united around a passion for crypto and blockchain technologies. During a casual conversation, we realized that we didn’t need to keep waiting—we had the skills between us to build, market, and sell a secure cryptocurrency solution. So, we decided to develop it ourselves.

The idea was to create a platform that large financial institutions—such as banks or hedge funds—could use to trade digital assets at the best prices possible on various exchanges and do so alongside traditional trading offerings. Essentially, we wanted to take the tools that were available on Wall Street and bring them to crypto. MainBloq, our company, was born.

End-to-end encryption in the IBM Cloud

Cryptocurrency runs on the cloud. We needed a highly reliable cloud provider that could ensure our systems and transactions were absolutely secure. Initially, we worked with an established cloud provider and were reasonably satisfied. But when IBM approached us with an end-to-end encryption solution that was far more secure, we realized it was a perfect fit for what we wanted to do.

With IBM, we get the flexibility and scalability of using IBM Cloud Hyper Protect Virtual Servers when we need the highest levels of security in making trades and the IBM Cloud for many of our other functions. Built on the IBM LinuxONE platform, the Hyper Protect Virtual Servers ensure that only the end user has access to the keys used in making crypto trades—MainBloq never has access to their data. Not only does this protect our customers’ transactions and digital assets from outside security threats, it also keeps them safe from insider threats.

This is essential because when a client enters an order, MainBloq is granted permission to access the user’s accounts via the user’s security keys to execute those trades. It’s like having access to someone’s bank account—we have permission to move money, but never to withdraw it.

The IBM advantage

In addition to the high level of security of the solution, we appreciate the fact that IBM is a trusted and well-known name in technology. IBM has a long history with blockchain and cryptocurrency, especially compared with other companies its size, along with a deep understanding of the industry.

The support IBM provides is excellent; if we ever need help, we always know who to ask. And we’ve been impressed by the resources IBM has provided to show us value, helping us understand what we need to proceed and how we need to do it.

Today, MainBloq technology supports more than 30 exchanges, over 30,000 currency pairs, and 10 algorithms. We are taking full advantage of the scalability of our IBM Cloud solution as we expand our operations and client base to become the market leader in digital asset trading. Working with the IBM team, we're confident that this goal won't take long to achieve.

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