TCEX Announces Custody Strategy: 98% of Assets to Be Stored in Cold Wallets
Vietnamese crypto asset exchange TCEX has unveiled its custody and operational strategy, revealing that 98% of assets will be kept in cold wallets and that its system is fully ready.
1. Operational Pressure: Crypto Exchanges Face “Triple Challenges” TCEX CEO Ms. Doan Mai Hanh stated that operating a cryptocurrency exchange is far more complex than running a traditional stock market. She pointed out that a crypto exchange must simultaneously act as a trading member, a custody center, and an exchange, which creates significant operational pressure. At a seminar on March 25, she emphasized that this model requires a system capable of delivering high performance while adhering to strict legal standards, adding that TCEX has been actively preparing for this following the issuance of Resolution No. 05.
2. Technology and System: 100% Ready, Awaiting Licensing According to TCEX, the platform is fully developed and currently undergoing live testing. Ms. Hanh stated, “Our system is 100% ready and will go live once the necessary licenses are obtained.”
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Processing Capacity: TCEX has chosen an in-house developed technical solution capable of processing approximately 100,000 transactions per second (100k TPS), with scalable architecture to meet market demand.
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Security Standards: Designed to high security standards, the system is currently awaiting final evaluation by regulatory authorities.
3. Custody and Security: Segregated Mechanism & 98% Cold Wallet Allocation Asset custody and security form the core of the TCEX ecosystem:
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Asset Segregation: A segregated custody mechanism is adopted to ensure customer assets are managed 100% independently from the platform’s proprietary trading accounts.
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Wallet Strategy: Combining a hot-and-cold wallet model, 90%–98% of assets are stored in cold wallets to minimize security risks and potential theft.
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Risk Control and Technology: Multi-Party Computation (MPC) technology is integrated for distributed key management, alongside Know Your Transaction (KYT) solutions to track fund flows and support Anti-Money Laundering (AML) compliance efforts.
4. Team and Resources: Backed by Parent Ecosystem with Compliant Operational Strength In terms of staffing, Vietnam crypto exchange TCEX currently employs over 50 full-time staff members and receives strong backing from TCBS and Techcombank. Ms. Hanh noted that the team fully complies with relevant legal standards and can quickly enter formal operations once licensed.