The Italian fintech CheckSig strengthens its growth in November, the month coinciding with bankruptcy of the Ftx exchange. In fact, despite the current market context, CheckSig achieved a record number of deposits in November. In the last 12 months, the Bitcoins that CheckSig holds for its private customers have increased by 68%. This percentage rises to +90% if we also consider the amount of Ether and stablecoins held by the fintech. Furthermore, in the same period, CheckSig’s private customers (which belong to the Private and HNWI segment) doubled to 180, all supported by a personalized assistance service. Numbers that highlight how the market has rewarded the company’s business model – born in 2019 and operational in the B2C channel since the end of 2020 – which makes it unique in its kind.
Founded in 2019 to make access to crypto investments simple and secure for Private and Institutional customers, CheckSig was the first crypto company in the world to demonstrate public reserve, accessible to all and is still the only custodian . Furthermore, it is the only crypto company in Italy to have insurance coverage for the custody of invested assets (SATEC, Generali Group) and an external and independent audit on system controls and organizational processes (Deloitte).
Ametrane (CheckSig): Self-custody carries three big risks
Ferdinand AmetranoCo-founder and CEO of CheckSig, professor at the Milano-Bicocca University and at ESSEC Paris, bitcoin and blockchain expert, with a long experience in the banking world behind him, said: “Safety: this is the key word. Crypto investors have always been looking for it, even more so today, in light of the latest news that has shaken the crypto universe. And it’s the perceived lack of security that keeps more than a third of potential institutional investors away, according to a Fidelity study. Security is at the heart of CheckSig’s business model, able to offer a transparent and reliable custody service that also solves risks of self-custody, too often an ember into which one falls when escaping from the pan of unreliable trading bags. In fact, self-custody involves three risks: first, technical inexperience in the conservation of keys or hardware devices that allow control of one’s own cryptocurrencies; second, the theft of access keys; thirdly, the risk of loss of the same in the generational change”.
CheckSig’s Bitcoin custody protocol offers a higher level of security than any wallet on the market, insured and certified by independent audit. It provides for two custody stages disconnected from the Internet, three distinct authorization levels, all with multiple signatures (for a total of eleven keys), different legal entities involved and timed blocking systems. The CheckSig protocol offers maximum visibility on the funds: anyone can verify the total stock of the CheckSig vault and all incoming and outgoing movements, through the Proof of Reserve. Furthermore, the CheckSig safe can only be opened with the authorization of independent subjects who verify the amount and destination of each withdrawal.
Here you can view the interview with Ferdinand Ametrano on prospects for the crypto assets market after the collapse of FTX. Good vision!