Independent audit of cryptocurrencies in Fumbi wallets - 01/2021
Published: 03. 02. 2021 ·
Fumbi’s fourth successful audit
The fourth audit successfully took place in Fumbi in cooperation with SGS Slovakia, a subsidiary of the global group SGS.
The aim of the audit was to compare the total balances of the values 27 cryptocurrencies on client wallets with the current values stated on individual blockchains. Consequently, we have demonstrated control over these funds.
This is the fourth independent inventory of Fumbi’s cryptocurrency wallets. Security is our utmost priority, which is why we only work with the best company on the market - Ledger Vault. Thanks to them, cryptocurrencies are stored securely and institutionally managed.
Ledger Vault is insured against hacker attacks up to $ 150 million. During the audit, it was necessary to prove not only the status of individual wallets but also control over the funds, which was confirmed by moving them from the controlled addresses to the newly created addresses with the participation and supervision of the auditor.
Why is undergoing such audits important?
There are a number of companies that offer many different ways of investing in cryptocurrencies. Whether it be offering investments through their tokens (a company’s own purpose-built cryptocurrency) or another version of uncontrolled investment, where you are rarely the direct owner of your cryptocurrencies.
Such companies tend to be based in tax and legal havens and the enforceability of any claims of wrongdoing is incredibly low. It is therefore important to have a trustworthy third-party company with you that can without a shadow of a doubt prove the integrity of your operations.
“We are trying to build Fumbi as a company with a strong emphasis on trust and security, thus show people that investing in cryptocurrencies can be safe. I am very glad that we are cooperating with SGS Slovakia, which regularly checks and certifies the condition of our cryptocurrency wallets.”
Regularly updated portfolio
We regularly update our cryptocurrency portfolio which, as of publishing this article, contains 27 cryptocurrencies. It is important for us to sort through cryptocurrencies and eliminate those that have ceased to meet our standards, whether in terms of security or investment potential, from our portfolio. You can read more about the selection of cryptocurrencies for the portfolio on the following page Fumbi Algorithm.
The SGS (Société Générale de Surveillance) group is the world's largest organization in the field of inspection, verification, testing, and certification of systems, founded in 1878, based in Geneva since 1919. SGS is recognized as a global benchmark for quality and integrity. With more than 97,000 employees, SGS operates a network of more than 2,600 branches and laboratories worldwide.