QuadrigaCX Disaster Prompts Changes in Cryptocurrency Mobile Payments Field

February 19, 2019         By: Steven Anderson

The events reported to have happened at the QuadrigaCX exchange are proving to be a complex disaster. This prompted the Shyft Network to send word our way, detailing some recent moves it’s made, and some it’s set to make, that should make cryptocurrency more accessible—and trustworthy—for all.

Shyft has spent, according to the reports sent in, the last several weeks speaking with a range of involved parties, from exchanges to users of exchanges to wallet providers, payment processors, and even lawyers to ultimately discover that…no one really knows how to fix the cryptocurrency market. However, what Shyft did find is that everyone had a certain amount of insight into the field.

In fact, Shyft has actually developed an action plan going forward that will incorporate many of these insights. So far, Shyft has made three pledges. The first is to set up its systems to trace “transactional history information”, which it will do with the users’ consent, to both spot fraud and protect privacy. The second, to open up access to Shyft’s tech modules to help “…untangle the web of transactions Quadriga has left behind.” The third, to build a collective task force to address both current and likely upcoming issues and modify systems accordingly.

Shyft makes it clear that this is a project “for the long haul,” and has thus encouraged anyone interested in joining in the task force’s efforts to join the community effort, which can be signed up for online.

Admittedly, events like those seen at Quadriga do not make for a positive outlook in the cryptocurrency community. Such events only serve to reinforce the erroneous concept that cryptocurrency is the province of criminals and the opportunistic. While advances have been made thanks to improved regulation and a portion of the community that seems genuinely dedicated to policing itself on at least some fronts, there’s certainly some hope. But this is hope that’s fighting against a headway of negative sentiment, and that makes this an uphill battle.

Only time will tell just how well it works, but Shyft has certainly put quite a bit into improving cryptocurrency’s image. If it can achieve even part of what it set out to, we’ll all owe a debt of thanks to this company.