1inch.exchange, a decentralized or non-custodial crypto exchange (DEX) aggregator, notes that they’re always working on making improvements to the overall security of their service. The 1inch team confirmed that they’ve teamed up with Hacken, an established provider of cybersecurity solutions.
The 1inch team stated:
“We … have always been taking security very seriously. Now, it is time to take the protection of our users to a new level, and we are happy to be doing this in collaboration with Hacken.”
The 1inch developers claim that Hacken has a great track record in the cybersecurity space and its team members are also experts in code and infrastructure auditing.
1inch plans to enhance the security of its platform and offer greater consumer protection by working cooperatively with Hacken in several key areas, such as auditing code, APIs and infrastructure.
Sergej Kunz, co-founder and CEO at 1inch, stated:
“We are thrilled to welcome Hacken as our security associate. Thanks to this collaboration, our service will become safer for users. Together with Hacken, we’ll be able to take security in the (decentralized finance) DeFi space to a complete new level.”
As mentioned in a blog post by 1inch, the Hacken team mainly focuses on serving as a cryptocurrency exchange auditor. It’s a cybersecurity consulting firm that was launched in August 2017.
As noted in the announcement, Hacken provides several services including blockchain security consulting, web/mobile penetration testing, coordination of bug bounty programs, crypto exchange ratings and cybersecurity education.
As reported recently, Hacken revealed that it would be integrating Chainlink’s “decentralized” oracles so that data is more accessible to decentralized apps (dApps).
The Hacken team had noted recently:
“Our integration with Chainlink’s … decentralized oracle network will enable smart contracts from any blockchain to access Hacken’s security data. Developers can … leverage Chainlink’s existing pool of secure node operators to build in security buffers that protect user funds and/or ensure more secure and reliable transaction/protocol automation based on Hacken data feeds.”
They also mentioned:
“Providing cybersecurity data about DeFi smart contract audits is a crucial part of maturing the DeFi industry. Anonymous developers and yield farming spinoffs can drive speculation, often without regard for security. For average users, information about security and trusted audits is difficult to access, especially in real-time. Hacken aims to supply this data to users on-demand to foster stronger security in DeFi as a whole, ultimately reducing information asymmetry and increasing transparency.