The cryptosphere learnt of a breakthrough announcement on Monday when Singaporean crypto startup Sentinel Protocol (UPP) issued a press statement welcoming Bibox Exchange – a top-10 crypto trading platform by volume – to their distributed teams of security experts dubbed ‘The Sentinels’.
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How This Helps Bibox Exchange
Per the announcement, the burgeoning Bibox exchange will implement Sentinel Protocol’s decentralized Threat Reputation Database (TRDB). Customers of Bibox benefit for they can be protected “from falling prey to scams and frauds by instantly referring to” TRDB; a welcome feature indeed, given how lucrative a target crypto exchanges have appeared to capable hackers.
By adopting the free API that comes with TRDB, Bibox will be able to notify and alarm its users of “suspicious or malicious addresses.”
How This Helps Sentinel Protocol
Convincing Bibox to deploy their security layer means that Sentinel Protocol is now better equipped to build their “alliance with crypto exchanges, wallets, payment services as well as Dapps to share threat data.”
With Bibox Exchange on board, our joint security force to fight against crypto-asset attacks will accelerate the expansion of a defense line to cooperate and collectively prevent the use of stolen cryptocurrencies.” – Patrick Kim (CEO & Founder, Sentinel Protocol)
As this alliance grows, it places upward pressure on the UPP utility token’s value. This is because, as Aries Wang (Co-Founder, Bibox) explained in Monday’s press release, “to use these proactive security suites, crypto users need to use…UPP.”
Such value may indeed rise further with the upcoming launches of two more Sentinel Protocol creations, the machine learning-based S-Wallets and Distributed Malware Sandboxing.
“Exchanges are an important part of Sentinel Protocol’s security initiative.”
Read more about the *first partnership* in the industry between an exchange and blockchain security company. https://t.co/5zOjNvMDoF #NoMoreHacks #NoMoreScams #cryptoexchange #protection pic.twitter.com/ervPf9qKKC
— Sentinel (@s_protocol) June 18, 2018
Bibox Pairs UPP Four in Listing
Corresponding with the news of what marked “the very first partnership in the industry between a centralized exchange and a blockchain security company,” Bibox took to listing Sentinel Protocol’s UPP token.
In their listing announcement, Bibox divulged that UPP deposits and withdrawals will be made available from “11:00, June 17 2018 (GMT +8),” and that the four trading pairs which are being made available – UPP/BTC, UPP/ETH, UPP/BIX, and UPP/USDT – will go live at “13:00, June 2018 (GMT +8).”
200,000 UPP Giveaway Accompanies Bibox Listing
To acknowledge the listing event, Sentinel Protocol committed 200,000 UPP for Bibox to partition to its customers who trade enough of the newly-listed cryptocurrency.
According to the event page, Bibox will randomly allocate between 10 and 6,666 UPP tokens to users who trade (i.e., buying and selling) at least 1,000 UPP between 13:00, June 18 and 13:00, June 25 (GMT +8). Distribution will occur “within 5 business days after the event.”
Bibox Token (BIX) Beating Resurgent Crypto Market
The strategic alignment with, and listing of, Sentinel Protocol comes at a time where Bibox’s native token, BIX, has been one of the crypto market darlings for not just the past 24 hours (BIX is currently up ~8.5%), but for several weeks.
Indeed, whilst most of the attention has been on well-performing crypto exchange tokens Binance Coin (BNB) and Huobi Token (HT) during this drawn out bear market, little has been said for Bibox Token (BIX), despite it currently being the best monthly percentage gainer (+25.3%) of any cryptocurrency ranked in the top hundred for market cap.
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