Here’s a move that could be a sigh of relief to traders on Bitstamp. A user by the handle “IamAlso_u_grahvity” posted a screenshot on the Bitcoin page at Reddit.com showing a withdrawal screen at Bitstamp, which now has a field for a two-factor authentication code, effectively adding a much-needed layer of security to the platform. The company also tweeted about the feature on Wednesday afternoon:
#Bitstamp is happy to introduce a new security feature – two-factor authentication for #Bitcoin & #Ripple withdrawals.
The use of the feature will greatly reduce the risk of a user’s funds being withdrawn fraudulently, assuming the user has the option enabled.
Despite the good news, some in the community think this should have come long ago:
“That’s already overdue for a long time. They should’ve implemented it last year… But still, good step forward,” wrote one user in response to the screenshot.
“About time,” another said.
Exchanges are taking the security of user funds extremely seriously, especially since the downfall of Mt. Gox — in which millions of dollars worth of user funds were lost due to what is assumed to be poor coding and security behind the platform’s software.