Why security is an issue?
In the rapidly changing world of crypto finances, businesses are constantly seeking innovative solutions to stay ahead of the competition. Yard Finance is a transport crypto protocol offering businesses a revolutionary way to onboard new users and provide seamless user experiences.
In previous blog posts, we have already talked about what YARD is, how it works, and how it can be useful for businesses. Today, let’s discuss a topic that is always one of the key aspects of all crypto projects and is regularly asked about – security!
According to Chainalysis 2022 marked the highest year for crypto theft, with $3.7 billion stolen. In 2023, the amount of funds stolen reduced by around 54.3% to $1.7 billion, mostly because of the decrease in Defi hacks. However the total number of hacking incidents went up from 219 in 2022 to 231 in 2023.
So, In the realm of cryptocurrencies, security plays a crucial role in establishing trust among parties, which is vital for our partners, clients and the industry’s success and growth in general. That’s why we prioritized security as imperative.
Is it safe to use the protocol? How does YARD treat user funds? Is it compliant? Let’s figure it out.
Yard – Security in the DNA.
The most basic use case of Yard is sending funds via email (Telegram handle, phone, etc.), regardless of whether you are sending money to a user already registered on the platform or to someone who has never dealt with cryptocurrency before. In this scenario, Yard acts as a transport protocol that resolves the email or other handle to a wallet address, and then the sending is done through the standard (wallet or platform) tools used by the sender. To ensure security at this step, YARD:
- Provides partners with unique keys for API access
- Allows whitelisting of IPs from which requests to resolve handle to address originate
- Encrypts all data
- Allows end users to enable two-factor authentication
If a recipient has used Yard before and set up a profile setting to use a custom wallet address instead of the default deposit address, for all subsequent transactions Yard will only act as a resolver and will not interact with the user’s funds in any way, all operations will be entirely non-custodial, ensuring your funds are always under your control.
If the recipient is a new user of Yard or chooses to use additional platform features provided by our partners, such as staking, crypto to fiat withdrawals, or simply doesn’t want to disclose their wallet address to the sender – in this case, Yard serves as a custodial wallet through which the user can manage funds at their discretion.
Some tech stuff.
To provide the best service, we have partnered with custody service providers offering bulletproof security:
- Fund security: Users’ primary funds are stored offline on cold wallets, with HSM signing is used for withdrawals.
- Compliance by design: licensed custody solution providers with KYC, AML, KYT, and Travel Rule compliance procedures in place.
- Risk control: High availability distributed AWS infrastructure with no single point of failure and 99.95% uptime.
- Our partners are certified to international standards ISO 27001/SOC2 to guarantee the safety of infrastructure and funds.
Built on the most secure and scalable infrastructure, powered by a team with a combined experience in the blockchain industry of more than 30 years in projects such as Neonchain, Hitbtc, Guarda, Cryptopay, Metamap and others, we are ready to provide a service that can meet crypto needs and ambitions of businesses of any size and volume.
Interested in learning more details and seeing YARD in action? Hit the button below or shoot us a message at [email protected].