Digital Currency Protection
VirgoCX enforces institutional-grade control on all transactions. When a client deposits crypto onto the platform, a small portion stays on the platform in a hot wallet for regular business trading and withdrawals. The majority of crypto on the platform is automatically transferred to the cold wallet powered by the Ledger Vault.
Cold Storage Protection
Storing digital currency safely and securely for our retail and institutional clients are key priorities for us. At least 95% of VirgoCX’s digital currencies are held in cold storage. We use the state-of-the art technology platform of Ledger Vault to safeguard digital currencies for end-point security. Ledger Vault’s insurance provider covers up to $150 million for third-party theft, insider collusion and master seed theft that occurs on Ledger’s side. As we grow and scale, we need more than an advanced hardware wallet, we need a solution to help us reduce operational risk, external breaches and enhanced oversight.
Banking and Access to Your Funds
Trading with confidence requires your funds to be safe and accessible with strong banking relationships. VirgoCX uses direct banking services for fund transfers and is one of the few digital asset trading platforms in Canada with direct and multiple banking relationships.
Our unique position with impeccable KYC/AML compliance procedures, iron clad internal processes and cyber security practices have opened doors to diversified banking services.
All fiat (Canadian and US dollar) funds are held in trusted top tier Banks in Canada. VirgoCX has CDIC insured segregated banking in Canada with multiple banks. All deposits are held at the bank level. Clients retain and control the ownership of their assets. All funds are held for the benefit of the client.
Cryptocurrency Disaster Recovery Plan
In the event that members of the management team are unable to access funds, the Cryptocurrency Disaster Recovery Plan is triggered. VirgoCX has designed a disaster recovery plan that removes key-man risk entirely.
VirgoCX maintains the highest standard of legal compliance, business conduct and ethics that permit us to attract the best-in-class banking relationships. Auditing is the single best governance tool to ensure compliance with regulations, building systems to prevent theft, detect and limit fraud, and verify that customer’s funds are properly held. Our first independent and cryptographically-verified compliance and financial audits are scheduled to take place in spring 2020.
Internal Fund Management Controls
VirgoCX has multi-authorization mechanisms in place, where both crypto and fiat transfers would need multiple levels of approval. This largely eliminates the internal threats and unlawful collusion.