BaFin-licensed custody
Information according to § 5 TMG:
Our CryptFine Wallet now offers the possibility of Bitcoin custody through a specialized crypto custodian in Germany licensed by BaFin: https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=157345
Our CryptFine Wallet now allows you to securely store your Bitcoin keys through our partner Tangany, a specialized and licensed custodian under the supervision of the French Financial Markets Authority. Previously, this type of custody was mainly used by institutional investors. The well-known alternative to this was self-custody, which has its own advantages and disadvantages.
SELF-GOVERNMENT
However, self-custody requires a basic understanding and expertise of Bitcoin. This is because significant Bitcoin exchange crashes and scams have resulted in numerous Bitcoins being lost. However, the majority of inaccessible Bitcoins actually result from self-custody holders losing their keys or access to their wallets altogether.
Another major problem with self-custody is that data protection and privacy are not always guaranteed with hardware wallets. A prominent example of this is the extensive customer data leak at Ledger in 2021. For crypto enthusiasts, this event shattered certain illusions of security and privacy associated with hardware wallets.
INSTITUTIONAL ADMINISTRATION
Institutional investors typically do not store their Bitcoin on hardware or paper wallets, primarily for compliance reasons, but rather with custodians specializing in security protocols. In addition to large tech companies, banks and crypto exchanges with BaFin licenses in Germany are also engaged in crypto custody operations. However, the convergence of these different business areas could potentially pose challenges for risk management.
CryptFine-VERWALTUNG
The separation of the different financial sectors is crucial for the manager. The risks of this form of custody do not arise from technical or organizational aspects, but rather from business considerations arising from the operational activities of the custody entity.
The Bitcoin custody service offered by our CryptFine Wallet ensures this separation. Investors and Bitcoin enthusiasts do not have to worry about the security of their hardware wallet or the confidentiality of their seed phrase. With CryptFine, there is no risk of losing your keys or compromising your seed phrase. At CryptFine, we are fully committed to protecting your assets and data. Our customers' deposits are never used for investments, loans or other financial activities.
CryptFine is characterized by professional Bitcoin custody services.