Safello stores its customer’s crypto funds in its custody setup built on technology provider Fireblocks’ infrastructure. Fireblocks provides an industry-leading solution for securing digital assets based on a proprietary protocol using MPC technology that eliminates the single point of failure for private keys. MPC, or multi-party computation, is a cryptographic technology, where private keys are never constructed in full. The private keys are broken up into parts and distributed between parties so that signing of transactions only can be done when a quorum is formed, which protects customer funds with the highest level of security.
The ownership of customer’s crypto funds in our custody always remains with the relevant customer. Safello does not dispose of customer funds unless instructed to do so by the relevant customer. This implies that no customer funds are ever used for Safello’s benefit or account. Customer funds are treated as escrow funds and kept segregated from Safello’s funds, protecting you as a customer in the eventuality of a bankruptcy of Safello. You can read more about this here.
The treasury team at Safello is overseeing the handling of this setup and safeguards the controls of our systems and operations.