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IOTA partners with BitPanda, IOTA Hub to ensure operational security

Ajay Narayan



IOTA partners with BitPanda, IOTA Hub to ensure operational security
Source: Unsplash

Recently, BitPanda, a leading European retail cryptocurrency exchange announced that they will be offering trading services for IOTA [MIOTA]. The exchange platform is also one of the first exchanges to support IOTA Hub.

According to the post, the collaboration makes BitPanda one of the first companies in the production platform to fully utilize the IOTA Hub. The report also spoke about the various advantages of using IOTA Hub. This included IOTA Hub use-case to manage most of the work with respect to IOTA Tangle.

Tangle is the data structure behind IOTA and is a specific type of directed graph that can hold transactions. Furthermore, the IOTA Hub focuses on helping both exchanges and developers by translating the unfamiliar concepts of IOTA into familiar concepts.

IOTA foundation’s Head of Engineering, Edward Greve stated that IOTA Hub’s main agenda was to provide standardized and open source solutions. This would ensure that IOTA’s integration with its service providers would become simple and easy.

Some of the advantages of IOTA Hub was that it had the ability to manage its key indexes. The IOTA Hub also monitored transactions and ensured that IOTA Tangle would not be used for illegitimate reasons. Another major advantage was that the secure seed management and optional second-factor signature increased IOTA’s operational security.

Edward spoke about the collaboration stating that both he and the IOTA community were very glad to work with BitPanda. He added that the BitPanda team was very quick and professional with respect to their work. Edward further stated:

“They were able to set up the IOTA Hub integration with very little support, which we hope demonstrates that the Hub itself is easy to use”

Christian Trummer, the CTO and Co-Founder of BitPanda were very optimistic with Edwards opinion. According to Christian, IOTA foundation started the development of IOTA Hub approximately during the same time when IOTA and BitPanda integrated. He further added:

“First, we started on our own, but we soon decided that we want to switch to the official IOTA Hub from the IOTA Foundation”

Christian also stated that BitPanda’s integration with the IOTA Hub ensured that they were prepared for the future updates and changes made by the IOTA foundation.

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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.