Gemini provides more Secure Bitcoin and Ethereum Transactions

Gemini is a digital asset and custodian platform for purchasing, selling, and storing Bitcoin and Ethereum, known for its regulated and secure transactions. It is New York-based platform regulated by the New York State Department of Financial Services. Gemini became the first licensed Ethereum exchange platform in the world, according to CNBC.

Gemini, after a number of reports of Phishing attacks and malware, made a Twitter announcement:

Gemini announces Authy Push feature for safer transactions. They will be authorizing this from March 30, 2018.

Every time customers make a transaction on their account, they will be requested to approve the transactions details in the mobile “Authy app” as it is seen below.

After the approval, the transaction confirmation will be done. Until then, no funds will be transferred from the customers’ account. The same procedure cannot be started on a browser unless the confirmation signal from the app will be approved.

Gemini doesn’t have its own mobile app. As a result, the customer will have to log in through a browser, while receiving the approval notification in the app. This operates as an out-of-band channel that protects customers from all the browser-linked risks.

As you can see in the screenshot above, the UI provides details about the amount and the receiver’s address allowing the customer to recognize if there is any attempt for theft. Likewise, a push notification prompt for approval is generated in the app in case of a malware presence on the browser.

Gemini, on their official website, stated:

“At this time, for customers who are already using the Authy mobile app, Gemini will require push notification approval for all crypto-currency withdrawals – no action is required to opt-in to the additional level of security. Gemini strongly recommends all customers to use the Authy mobile app and cautions against relying on SMS for two-factor authentication.”

Mitchell Staton, cryptocurrency enthusiast says:

“Thanks for being proactive about this!”

David Lopez, an investor says:

“I have been worried for some time now after reading the news about all the crypto jacking. This gives me a relief! I can make my transactions tension free.”

 

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