The platform integrates many currencies and connected to numerous blockchains. Trade with your most preferred currencies. Upload Source of Funds documents or stay completely private. The choice is yours.
You can finally exchange cryptocurrencies and not worry that your money can be stolen. The deal process is happening though multisignature wallets that requires transaction approval from you and from the platform. Thanks to our
innovative deal flow, funds protection got to the next level.
as WH platform is a p2p marketplace, it does not implement a bid/ask model, rather it resembles on auction principal, where users make their offers as a margin or discount to current average market price
Another key difference is that deal flow happens through multisig wallets, which are created between each party and the platform. This way the platform can control deal process, but it has no access to user funds at any time. This mitigates traditional risks associated with custody services, like hacking activity or outright fraud.
Each user has a personal maximum volume of auctions that he he is allowed to create or participate in. This maximum can be increased by successful trading and will be decreased in case failed deals occur.
Although WhalesHeaven makes its best effort to protect the platform from hackers penetration, on an infrastructural level and by limiting access to servers with private keys, there is always a possibility that such cases may occur.
The good thing is that hackers won’t be able to access users funds as WhalesHeaven is a non-collateral platform. The deal process organization prevents hackers from stealing massively from ongoing deals, as this would require an approval from all participants of all ongoing deals. Also there is a very small time frame, until the hacker’s actions are reported to support and the platform will start an investigation. In the worst case scenario, the platform may go offline until the security breach is fixed and once it is back online the process of replacing private keys will be triggered. The possession of private keys in hacker’s hands does little harm to platform operations.
All of this lowers possible bounty for a hacker and make a platform less appealing as a target, compared to centralized systems.
Once you have confirmed that you are a participant of a multisig wallet, you can be sure that nobody can transfer funds from that multisig wallet without your direct swap approval. For script based blockchains, such as Bitcoin, you provide this approval by signing the transaction with your private key. For smart contract blockchains, such as Ethereum, you need a call a smart contract swap approval method from the address that you provided as a confirmation address.