- Coinberry is kicking off 2021 with a bang, partnering with Gemini Trust
- This institutional Grade Custodial solution will keep user funds safe
- The new year is just getting bigger and better for crypto users and traders!
In a world where exchanges are the targets of some of the biggest hacks and attacks the financial world has ever seen, it’s never been more important for exchange to protect user funds. So, to keep the funds of its users even more secure, Coinberry has partnered with Gemini Trust Company LLC.
Gemini Trust is arguably the most regulated and compliant cryptocurrency custodial solution in the world, with $200 million of custody insurance covering its cold storage solution. This means that if you were ever in doubt about the security of your crypto stored on Coinberry, you can now sleep easy!
Coinberry Making Huge Moves in 2021!
Coinberry already stands out as arguably the best cryptocurrency exchange in Canada, but it’s not resting on its laurels. Hitting the new year running, this partnership will ensure that all Coinberry user funds are as safe as can be. Last week, Coinberry also announced that it had applied to the Ontario Securities Commission, which if approved, will make Coinberry the most credible and transparent exchange in Canada.
This huge momentum will no doubt carry on as the year continues to progress, and we’ll see even more partnerships, licenses and falling into place. We all knew 2021 was going to be a huge year for crypto, but few of us thought that it would all start in Canada!
Exchanges Becoming Harder to Crack
If you cast your minds back to 2018 and 2019, crypto exchanges were being hacked left, right and center. It felt like there was a new hack virtually every day of the week during periods of the bearishness that we saw. But, eventually exchanges got their ducks in a row. In 2020, attacks on centralized exchanges were down 30% when compared to 2019, and an even greater magnitude when compared to 2018.
The brunt of these hacks and attacks were focused on DeFi exchanges, and these exchanges did suffer dearly. But, alas, DeFi exchanges were new in 2020 and proved an easy target for attackers. Throw in the lack of institutional grade custodial solutions used by the DeFi exchanges, and you’ve got the perfect scapegoat for the centralized exchanges of the world.
What Will 2021 Hold?
Centralized exchanges have had a nice respite from attacks, and many have used this respite period to upgrade their security solutions. Just as Coinberry has done, many have secured insurance to protect user funds and teamed up with custodial solutions, meaning that even if attackers come back to target centralized exchanges once more, they should be safe, secure and impenetrable!