As most cryptocurrencies are decentralized and not under the control of an authority, each individual crypto owner is responsible for keeping their funds safe. It is up to you how you choose to store your funds, whether it is with Firi or in an external wallet.
One thing is certain - if you choose Firi, your cryptocurrency is safe. You can be assured that your digital assets are protected by the highest level of security on the market when you use Firi, both during transit and in storage.
Firi is registered with Finanstilsynet as a service provider for exchanging and storing virtual currency in Norway.
We secure and insure all our customers' funds through our collaboration with Fireblocks. Fireblocks is a security platform for digital assets and cryptocurrencies. Security is always a priority for Firi, and with this collaboration, users of Firi's trading platform are well secured against data breaches and hacking.
Fireblocks’ multi-layer technology combines the latest breakthroughs in MPC cryptography* with hardware isolation that secures customer and investor funds from cyber attacks, internal collusion, and human error.
*MPC, or (secure) multi-party computation, is a subfield of cryptography. In a general sense, MPC enables multiple parties – each holding their own private data – to evaluate a computation without ever revealing any of the private data held by each party (or any otherwise related secret information). MPC has become one of the primary technologies wallet providers and custodians are utilizing to secure crypto assets.
Additionally, Fireblocks has a market leading $30M insurance policy that covers assets in transit and in storage.
We require two-factor authentication for all accounts registered with us. This is done either with BankID or or with a two-factor authentication app such as Google Authentication or Authy (Norway) or MitID (Denmark). This makes it very difficult for others to log in to your account to complete trades or withdrawals. Remember to never reveal your password information to anyone.
In the same way that we have cash in a wallet, cryptocurrency is stored in a so-called wallet. At Firi, you as a customer are automatically assigned your personal address, which acts as wallets for all the cryptocurrencies offered by us. We ensure a safe and easy storage of your funds, and we take care of all the technical aspects of securing and storing your assets.
If you choose to move your assets from our wallets and store all your crypto yourself, there are opportunities for that. Then you are responsible for your cryptocurrency, the funds taken out by Firi are no longer protected by Firi and Fireblocks. The insurance from Fireblocks also does not cover the cryptocurrency you store in this way.
Read and learn more about external wallets here.
We store customer funds both hot and cold (hot storage / cold storage). For this we use what we firmly believe is the safest and most secure alternative available on the market, namely Fireblocks and multisignature wallets. We will return to how these wallets work, but first, we want to explain the difference between hot and cold storage of cryptocurrencies.
Hot storage means that the cryptocurrency is stored on a device connected to the internet. Here we store as little of the funds as possible, but enough so that customers can make withdrawals quickly and easily. We store most of the customer funds cold at all times, meaning they are in no way connected to the internet. This is also the safest way to store crypto.
Let's return to the multisignature wallets. How these wallets work is quite advanced, but we will try to explain it. To extract cryptocurrency from here, signatures are required on a physical hardware device from a certain number of different people in several different locations. Both Fireblocks and Firi must be involved when transfering funds, but it is important for us to point out that Fireblocks cannot do anything without our permission. Our infrastructure makes sure of that.
Transactions that are sent from this type of wallet are often called M-of-N transactions. To sign a valid transaction, M signatures of a total of N are required to sign a valid transaction. And since the signatures are made with physical devices, it is impossible to "hack" this cold storage. Customer funds are, as already mentioned above, insured with Fireblocks' insurance against crime.
With the help of internal systems, risk engines and highly skilled employees, we prevent most fraud cases before the funds are sent out from our platform.
In Firi, we have a highly skilled compliance department, consisting of people with education and experience from banking, police and IT. Our compliance team monitors all activity that takes place on the platform, and with the use of analytical tools and risk assessments, we have uncovered hundreds of fraud attempts. They are here to make it safe for you to invest in cryptocurrency.
Furthermore, our compliance team ensure that we act in accordance with society's laws and regulations. Compliance is also about taking responsibility for both our employees and our customers, and reducing all forms of risk. Being compliant means that we take our social responsibility very seriously, follow business ethics, laws and regulations.
Our compliance work is therefore about establishing and maintaining systems that facilitate compliance with laws and regulations that are relevant to Firi. This applies to both laws and rules set by e.g. Finanstilsynet, on behalf of society, or ethical guidelines that we follow within our business.
We are actively working to blacklist addresses/wallets that we know have been used for fraud. This means that we block the addresses, and make it impossible for our customers to send cryptocurrency to these addresses. In order to maintain a complete blacklist, it is important that you as a customer let us know if you come across an address/wallet that you suspect has been used for fraud.
Note that when we blacklist addresses, it is only from your account with Firi that it is not possible to send crypto to the relevant address. We recommend that you never transfer cryptocurrency to people you do not know well.
Are you ready to start using cryptocurrency?