Shakepay, a Canadian-based bitcoin exchange platform, today revealed that now its consumers’ cryptocurrency will be kept in freezer with Coinbase Custody.
“This change ensures that your digital currency is held in an account that’s owned by you and that’s stored by one of the largest crypto custodians in the world. As a Shakepay customer, you won’t notice any changes to your account and you’ll be able to buy, sell, and transfer your crypto like you normally would.”
– The Shakepay Team
- At a minimum, 80% of all customer-owned cryptocurrency on Shakepay will be kept in freezer with Coinbase Custody Trust Company, LLC, a US certified custodian (as a procedure of excellent practice, that figure is typically over 90%).
- Customer-owned digital currency saved by Coinbase Custody will be kept in For Benefit Of (FBO) accounts, owned by consumers, which indicates users have the legal and rightful claim to these possessions. FBO accounts are a kind of sub-account which have actually ended up being finest practice in the monetary market for segregating client funds.
- Assets will be covered by Coinbase Custody’s insurance coverage.