TOKEN2049 - World’s First Regulator Approved Crypto Withdrawal Solution - Michael Ou (CoolBitX)
In this insightful presentation at TOKEN2049, Michael Ou, CEO of CoolBitX, unveils the world’s first regulator-approved crypto withdrawal solution. Emphasizing the need for greater security, user experience, and compliance in the cryptocurrency industry, Ou introduces a groundbreaking system that seeks to revolutionize how virtual assets are handled, making them as accessible and secure as traditional financial products.
Ou, drawing from his extensive experience with CoolBitX and his public company in Taiwan, highlights the importance of learning from traditional financial systems. He details that the proposed solution involves a fully compliant virtual asset ecosystem focused on four key functions: real identity wallets, universal know-your-customer (KYC) practices, secure private key management, and transaction screening. This system aims to address the major roadblocks of anonymity and security breaches, promoting global address tracking and enhancing compliance for exchanges at a low cost.
Particularly, Ou emphasizes the seamless integration of KYC practices and a robust backup plan for lost digital keys, reminiscent of traditional banking systems. By partnering with significant entities like SBI Holdings, CoolBitX aims to set a worldwide standard for crypto transactions, ensuring that this solution is not only viable but essential for the evolution of cryptocurrency as a mainstream financial product.
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