Shakepay, a Canadian-based bitcoin exchange platform, today announced that now its customers’ cryptocurrency will be held in cold storage 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 held in cold storage with Coinbase Custody Trust Company, LLC, a US qualified custodian (as a measure of good practice, that figure is usually over 90%).
- Customer-owned digital currency stored by Coinbase Custody will be held in For Benefit Of (FBO) accounts, owned by customers, which means users have the legal and rightful claim to these assets. FBO accounts are a type of sub-account which have become best practice in the financial industry for segregating customer funds.
- Assets will be covered by Coinbase Custody’s insurance policy.