Safer transactions for Bitcoin [BTC] and Ethereum [ETH] on Gemini exchange

Gemini, a digital asset and custodian platform for buying, selling and storing Bitcoin and Ethereum, is highly known for its regulated and secure transactions. It is based in New York and is regulated by the New York State Department of Financial Services. According to CNBC reports, Gemini is the world’s first licensed Ethereum exchange platform.

Gemini, after many reports of Phishing attacks and malware, makes an announcement on Twitter:

Gemini’s Twitter announcement

Gemini announces Authy Push feature for safer transactions. They will be authorizing this from March 13th, 2018.

Approval Screenshot on Authy App

Soon after the ‘Approve’ button is clicked, the transaction is confirmed. Until then, no funds will be sent from the customers’ account. The same process cannot be initiated on a browser, only the confirmation signal from the app will be approved.

Since Gemini does not have their own mobile app, the customer will have to log in through a browser, while receiving the approval notification in the app. This performs as an out-of-band channel, protecting all the risks linked to the browser.

As seen above in the screenshot, the UI provides details about the amount and receiver’s address. This provides the customer a legitimate opportunity to recognize if there is any attempted theft. Likewise, a push notification prompt for approval is generated in the app even in case of any malware running on the browser.

Gemini, on their official website stated:

“At this time, for customers who are already using the Authy mobile app, Gemini will require push notification approval for all crypto-currency withdrawals – no action is required to opt-in to the additional level of security. Gemini strongly recommends all customers to use the Authy mobile app and cautions against relying on SMS for two-factor authentication.”

Mitchell Staton, cryptocurrency enthusiast says:

“Thanks for being proactive about this!”

David Lopez, an investor says:

“I have been worried for sometime now after reading the news about all the cryptojacking. This gives me a relief! I can make my transactions tension free.”

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