Fraser Matthews, President
Netcoins understands the importance of transparency in our platform, and has put together a Proof of Reserves for its Canadian operation.
Any cryptocurrency that is held in a users Netcoins account is held in custody in a hot or cold storage wallet, which can be converted into Canadian dollars (CAD) at any time.
All custodied cryptocurrency assets are backed 1:1 at all times and at least 80% are held in an insured cold storage vault. All cold storage cryptocurrency assets are held with
, our qualified and insured custodian.
Our proof of reserves and platform due diligence report was completed by the
Blockchain Intelligence Group (BIG)
.
Although our decision document requires Netcoins to hold over 80% of user funds in cold storage, Netcoins’ has a percentage cold storage reserve balance of over 97% of its client funds. Netcoins doesn’t hold Cosmos, and Tezos in cold storage as the current version of its cold wallet provider doesn’t support these currencies. All the funds for these currencies are held securely in a hot wallet provided by Fireblocks which is insured by Coincover. It should be noted that the Ethereum balances also include the balances for the ETH staking wallet. Crypto asset key material secured by Coincover is 100% insured against loss or theft. Coincover is based in the United Kingdom and is regulated by the U.K. Financial Conduct Authority.'
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
