Crypto exchange Coinut selects Coinbase Custody to securely, store and insure users’ digital assets
Written by Telegraph Magazine
SINGAPORE - Media OutReach - 13 April 2023 - Security is one of the main fortes of Coinut as a cryptocurrency exchange. Following the recent high-profile incidents like the collapse of FTX and the crash of LUNA, the importance of having a robust security infrastructure has never been more evident. Having 9 years of being in the business, Coinut takes a step forward in keeping its clients’ digital assets or cryptocurrencies secured and ensured from cyber hacks and other causes of loss of funds by signing up with qualified and regulated cryptocurrency custodian, Coinbase Custody.
Coinbase, as a leading global crypto company, has obtained various licences and regulatory approvals from different regulatory bodies worldwide. Coinbase is registered with FinCEN and licensed as a money transmitter in various states and US territories. Coinbase is also a BitLicense holder in New York State. Additionally, Coinbase complies with applicable provisions of the BSA, OFAC, and other pertinent regulations. Coinbase recently received In-Principle Approval (IPA) as a Major Payments Institution licensee from the Monetary Authority of Singapore (MAS). With its ability to hold over 360 different assets in custody and $320 million in insurance protection, Coinbase provides an institutional grade, secure and reliable solution for crypto custody.
At Coinut, security is of utmost importance, and the company recognizes the need to protect clients' assets from cyber attacks and other causes of loss of funds. This has been amplified with the biggest crypto crashes last year, such as the crash of LUNA, and the recent collapse of the third biggest crypto exchange, FTX, which have raised concerns in both investors and regulators about the security and insurance of cryptocurrencies and crypto exchanges to protect those who invest in them.
To address this concern, Coinut keeps the cryptocurrency exchange platform safe and secure, guaranteeing the existence of the digital assets or cryptocurrencies in the platform and engaging a qualified cryptocurrency custodian, Coinbase Custody, to hold the assets.
Xinxi Wang, founder & CEO of Coinut, said, “As a crypto hodler, I believe in "not your keys, not your crypto." As an exchange, we painstakingly uphold our fiduciary duty of taking good care of the assets. Crypto is still in its early stage. We still have a long way to go. There is no need to rush. Do what we should do.”
RISK DISCLOSURE:
Digital payment token investments, such as cryptocurrencies, are not guaranteed by service providers or cryptocurrency exchanges and the government. It is crucial to exercise caution in investing, including the awareness that a part or all of the capital may be lost and may not be recovered especially in cases of high price volatility or down market, bankruptcy, seizures and other factors. Hence, the user’s risk tolerance, investment appetite or capacity for loss should be set firstly and they should observe safe and knowledgeable investment practices accordingly. For more information, please visit MAS' website.
Coinut.com is a financial entity regulated as a Money Services Business in Canada and an exempt entity under the Payment Services Act in Singapore. Please be reminded that cryptocurrency trading is highly risky and is not suitable for the general public. For more information please refer to Risk Warnings and Risk Statements.
About COINUT Coinut (Coins U Trust) is a cryptocurrency exchange platform that offers secure, fast, user-friendly and low transaction fees. It guarantees an offline wallet and semi-manual process of big withdrawals for fraud protection. It allows the trading of cryptocurrencies and stablecoins (BTC, LTC, ETH, USDT, XSGD) on the platform and allows deposits using debit/credit card and mobile payment apps. It supports Bitcoin, Litecoin and Ethereum with US and Singapore dollars onramp and offramp. Founded by one of the Co-founders of the Litecoin Foundation, Coinut has been in operation for 9 years since 2013 and is one of the earliest cryptocurrency exchanges in Singapore with a subsidiary in Canada. It is regulated as a Money Service Business in Canada, an exempt entity under the Payment Services Act in Singapore and is supported by Boost VC from Silicon Valley, Bitmain from Beijing, and the National University of Singapore Enterprise from Singapore. Currently, Coinut boasts 1.5M global users on the platform.
About COINBASE PRIME Coinbase Prime is the leading institutional prime broker platform for crypto assets. Coinbase Prime is a fully integrated platform built specifically for institutions to support the entire transaction lifecycle including advanced multi-venue agency trade execution for 200 assets, custody for more than 360 assets, financing, staking and staking infrastructure, data and analytics, and reporting.
Institutions can access Coinbase Prime directly via a user interface or as an integrated platform via APIs to offer crypto related products such as ETPs and ETFs, custodial solutions, or brokerage for their institutional, private wealth, and retail clients.
To learn more about Coinbase Institutional's solutions, including more information about Coinbase Prime, click here. Hashtag: #coinut #coinbase #partnership #crypto #custody #blockchain #cryptoexchange #cryptocurrency #coinbaseprime #crypto-security
The issuer is solely responsible for the content of this announcement.
