The security of your digital currency is Bitvavo’s highest priority. Bitvavo has, among other things, the following measures in place to ensure the security of your digital currency:
Stichting Bitvavo Payments
All of the customers’ digital currency is, in principle, stored in an omnibus account issued by Stichting Bitvavo Payments, which is entirely separate from Bitvavo B.V. This way, the results of Bitvavo B.V. can not have any impact on the funds of the users of Bitvavo.
Cold Wallets & Insured Custody Providers
Most of the digital currencies of our users are stored on so-called ‘cold wallets'. These wallets are not connected to the internet. Stichting Bitvavo Payments is, for most digital currencies, using the services of Insured Custody Providers. These Insured Custody Providers specialize in storing digital currencies in a safe environment and are insured up to an amount of EUR 255 MIO at Coinbase Custody and up to an amount of 500 MIO at Copper.co to mitigate potential risks as much as possible. To reduce the risk for our users, we balance risks between multiple Custody Providers.
The cold wallets that Stichting Bitvavo Payments uses are multi-signature wallets. Because of this, only a select number of Bitavo employees have access to the cold wallets, and they are only able to access them together.
To bring the security of our user assets to the next level, we are introducing the Bitvavo Account Guarantee. Should someone gain unauthorized access to your Bitvavo account and misappropriate funds, you may now be eligible for reimbursement of up to EUR 100.000.
By taking, among other things, the measures mentioned above, your digital currencies stored at Bitvavo are, in principle, extremely well secured. However, besides the security measures, Bitvavo has implemented, it is also key that you secure your Bitvavo account as described in more detail here.
Although Bitvavo takes all the abovementioned measures, it is always recommended to withdraw your digital currencies to your own external (cold) wallet to ensure that you are completely independent. How you can withdraw digital currencies to an external wallet is explained in more detail here.
Want to know about keeping your cryptocurrency safe? Read more about it in this Bitvavo Learn article.
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