Firi is registered by Finanstilsynet (the Financial Supervisory Authority of Norway) as a cryptocurrency exchange and custodial solution in Norway.
We require 2-factor authentication for all accounts registered with us. This is done either with BankID or with a 2-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.
Yes, your funds are insured. We have selected Ledger Enterprise Solutions to secure our cryptocurrency reserve through Ledger Vault. Our customers’ cryptocurrencies are therefore insured through Ledger's tailor-made insurance against crime. This means that we are participating in their $ 150 million insurance pool.
We store customer funds both in hot storage and cold storage. Hot storage means that the cryptocurrency is stored on a device connected to the internet. Here we store the smallest amount of the funds as possible, but enough to make sure that customers can make withdrawals. Our "hot wallets” run on our own server, and are only accessed by authorized employees.
We store most of the customer funds in cold storage at all times, meaning that it is not available from the internet. For this, we use what we believe is the most secure alternative available on the market, namely Ledger Vault. To extract cryptocurrency from this wallet, 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".