Firi is registered with Finanstilsynet as a service provider for exchanging and storing virtual currency in Norway. We require two-factor authentication for all accounts registered with us.
This is done either with BankID or with a two-factor authentication app such as Google Authentication or Authy.
This makes it very difficult for others to log in to your account to complete trades or withdrawals. Remember to never give out password information to anyone.
We insure all our customers' funds through our partnership with Ledger Enterprise Solutions. Because we use Ledger Vault to secure our customers' cryptocurrencies, customer funds are insured through Ledger's tailor-made crime insurance. This means that we participate in their $ 150 million insurance pool.
Secure trading and storage of cryptocurrencies is a big and difficult topic, and is perhaps one of the things that sets it apart from ordinary fiat.
As crypto is decentralized and not under the control of any authority, the responsibility for the inventory also lies with each individual user.
For any company that stores cryptocurrency, storing and securing these funds is the most important thing. This has been the case for us ever since we started Mirai Technologies in 2017.
We want to be as open as possible about how our processes around crypto storage. We do this to assure our customers that all trade and storage is done in a safe way.
In the same way that we have cash in a wallet, cryptocurrency is stored in a so-called wallet (digital 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 take care of the actual storage of your crypto. This means, quite simply, that the only thing you need to access your funds is either your phone with Vipps or the username and password for your Firi account, as well as BankID.
If you choose to move your inventory from our systems and store all your crypto yourself, there are opportunities for that. But it is just as safe to leave it with us.
If you choose to store it in your own wallet, all the responsibility is on your shoulders. We return to this in the section on external wallets below.
We store customer funds both hot and cold (hot storage / cold storage). 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. Our "hot wallets" run on their own server, and only people who work directly with this have access to them.
We store most of the customer funds cold at all times, ie they are in no way connected to the internet. This is also the safest way to store crypto. For this, we use what we believe is the safest alternative available on the market, namely Ledger Vault.
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 x number of different people in several different locations. This type of wallet is called a "multisignature wallet".
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 also insured with Ledger's insurance against crime.
You can also choose to store your funds in external wallets outside Firi. This is much more complicated, so we recommend those who are new to the crypto world to use the wallets you already have with us. There is no danger that your crypto will disappear, and should you lose your password, you can get a new one from us.
If you still choose to use external wallets, you must also consider the unpleasant truth that a wallet is equivalent to a physical wallet that can be lost. And once you lose your wallet, it may be impossible to get it back.
Tilgangen til den digitale lommeboken får du ved å taste inn en privat nøkkel. Glemmer du denne, kan du heldigvis gjenopprette den ved en gjenopprettingsfrase, også kalt “seed phrase”. Denne frasen består gjerne av 24 tilfeldige ord. Og glemmer du også denne frasen er saken verre. Mest sannsynlig vil du miste innholdet i lommeboken for alltid.
Som sagt så trenger du ikke tenke på dette hvis du velger å ha lommebøkene din lagret hos Firi. Tenk på det som at vi har lommebøkene oppbevart i en safe. Denne safen har kun du tilgang til ved å bruke Vipps eller brukernavn og passord til Firi. Hvis du skulle være uheldig å miste telefonen eller glemme passordet ditt, kan vi hjelpe deg med å få tilgang så lenge du kan dokumentere at du er deg. Dette kan for eksempel gjøres via BankID.