Cash cow Canadian Bitcoin trading platform, Announced today that now its customers’ cryptocurrencies will be stored in cold storage together with Coinbase Custody.
“This change ensures that your digital currency is stored in an account you own and is stored by one of the largest cryptocurrency custodians in the world. As a Shakepay customer, you will not notice any changes in your account. Be able to buy, sell and transfer your cryptocurrency as usual.”
– Shakepay team
- At the very least, 80% of the cryptocurrency owned by all customers on Shakepay will be kept in the cold storage of Coinbase Custody Trust Company, LLC, a qualified custodian in the United States (as a measure of good practice, this number usually exceeds 90%).
- The digital currency owned by the customer stored by Coinbase Custody will be stored in the For Benefit Of (FBO) account owned by the customer, which means that the user has legal and legitimate requirements for these assets. FBO account is a kind of sub-account, which has become the best practice in the financial industry to isolate client funds.
- Assets will be overwritten Coinbase Custody’s insurance policy.