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Singapore bitcoin exchange BiteBTC’s VC fund invests $10M in new data center

Singapore bitcoin exchange BiteBTC's VC fund invests $10M in new data center

BiteBTC, a Singapore bitcoin and cryptocurrency exchange announced today that its BiteBTC Venture Fund has allocated $10 million for the construction of a new distributed infrastructure of data centers to host BiteBTC Exchange servers, including a system of distributed cold storage of crypto assets based on multi-signatures.

The updated infrastructure will include data centers in Singapore, Zurich (Switzerland) and Boston (USA). All processed data (trading operations, deposits, orders, etc.) will be mirrored in three data centers in real time to avoid even the minimal threat of data loss. Additionally, it is supposed to reduce the latency in processing orders to 10-15 ms. All data centers are being equipped to meet the latest fire safety requirements and standards for reliable information storage.

A unique feature of the new infrastructure will be a multi-signature system for accessing crypto wallets. This system is designed so that the attack on one or even two data centers is not critical and access to the wallets is reliably protected. Coins from cold storage can be obtained only after receiving all three digital signatures from the three data centers.

It was reported that in the near future, BiteBTC will launch a number of services that allow real-time monitoring of the health of each component of the exchange’s infrastructure, including the operation of main servers, crypto assets storages, blockchain nodes, and other functional nodes.

The BiteBTC management said they are “confident that the requirements of security and reliable data storage will be highly appreciated not only by retail traders, but also will help attract large institutional investors.”

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