Yes, as an Electronic Money Institution we’re required to safeguard the money that we receive from our customers.
This means that any money we receive from customers is placed in a dedicated bank account and is held separately from our own funds.
Safeguarding helps to protect you because it means that if we were to become insolvent, our customers would be paid out from the safeguarding accounts before most claims against us are paid out, meaning you’d get most of your money back.
As we are an electronic money institution and not a bank, your money is not covered by the Financial Services Compensation Scheme. That’s because it’s safeguarded instead.
All cryptoassets are held in custody by us and on your behalf. This means that we take care of the security of your cryptoassets.
We hold cryptoassets in cold storage on a pooled basis, which is a way of holding crypto offline and not on the internet. This is a more secure way of holding crypto and minimises the risk of them being subject to hacks or cyberattacks.