DigiThree Labs Inks Proof-of-Concept Partnership Agreement with LCX Exchange
DigiThree Labs has announced that it has signed a formal proof-of-concept agreement with LCX crypto exchange. The deal will enable the exchange to pilot DigiThree Labs’ DGMV Authenticator to secure its login procedure without using passwords and therefore eliminate the risk of unauthorized access to a user’s account by a users account by a bad actor.
LCX Exchange Joins Forces with DigiThree Labs
According to cybersecurity experts, in December 2021 alone, a massive 316,747 phishing attacks were uncovered, with financial institutions accounting for more than 23 percent of all phishing attacks at the time.
In a bid to secure its login procedure and prevent access with stolen credentials, LCX Exchange, a regulatory compliant digital asset exchange headquartered in Liechtenstein, is integrating DigiThree Labs’ DGMV Authenticator into its platform as an additional option next to username, password and 2FA.
Per a press release shared with crypto.news, DigiThree Labs will partner with LCX Exchange to provide a formal proof-of-concept agreement of the highly sophisticated security solution.
DigiThree labs Labs offers a suite of cloud-based enterprise solutions designed to enable businesses to accelerate the seamless digital transformation that is quantum-safe, decentralized, scalable, peer-to-peer, and blockchain-secured.
For those who are unaware, DigiThree will be the enterprise solutions subsidiary of the DigiCorp Labs family, an ecosystem of secure, decentralized, metaverse-based services designed to bring to life an inherently secure, people-centric, value creation-focused web of tomorrow.
LCX to Pilot the DGMV Authenticator
Since its launch in 2018, LCX Exchange has earned its reputation as a highly secure and compliant platform for buying, selling, transferring, and storing digital currencies.
With a strong presence in Crypto-Valley Zug, Switzerland, and New Delhi, India, amongst others, LCX is pioneering a blockchain infrastructure that bridges the gap between traditional monetary systems and the fast-moving, trusted technology landscape.
LCX will pilot the DGMV Authenticator to secure important processes on its platform. DGMV Authenticator is a highly secure blockchain-based authentication system that comes with a username, password, and 2FA, to offer users the maximum level of security.
Commenting on the project, LCX CEO, Monty Metzger said:
“Security threats are rising and phishing attacks are often targeting login details of users. That’s why we are excited to work with DigiCorp Labs to pilot the latest cyber security technologies and in particular the DGMV Authenticator.”
The team has hinted that the initial roll-out of the platform will be in Q2/Q3, 2022, and if all goes as planned, the key learnings and results will be used to further improve the DGMV Authenticator prior to the solution’s official market launch.
At a time when the distributed ledger technology world is increasingly becoming synonymous with hacks and heists, the team says the pilot project is an important step for both LCX and DigiThree Labs, as security has become one of the most important drivers of digital transformation in every industry today.
Jozua van der Deijl, DigiCorp Labs CEO has expressed his excitement over the alliance between DigiThree Labs and LCX Exchange, adding that he hopes the initiative will set an example for other exchanges to follow.
“DigiCorp Labs is excited that LCX is taking user security very seriously, and we hope this sets an example for other exchanges to integrate DGMV Authenticator as an extra level of security on their platforms,” he said.
At the time of writing, the price of DigiByte (DGB), is sitting around $0.01946, and the price of DigiMetaverse (DGMV), is sitting around $0.2182, according to CoinMarketCap.
