Cryptocurrency Q&A
Where does Luno store cryptocurrencies?
Where does Luno store cryptocurrencies?
KatanaBlade
Sun Jul 07 2024
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5 answers
1603
Could you elaborate on the question regarding where Luno stores cryptocurrencies? As a financial professional, I'm aware that the security of digital assets is paramount. Does Luno maintain its own secure storage facilities, or does it rely on third-party solutions? Is the storage method cold storage, hot storage, or a combination of both? Are there any known audits or certifications that validate the security of these storage methods? Furthermore, what measures does Luno take to ensure the safety of client funds in the event of any potential security breaches or hacks? Clarifying these details would provide valuable insights into the trustworthiness of Luno's storage practices.
5 answers
noah_stokes_photographer
Tue Jul 09 2024
Luno, a notable cryptocurrency platform, ensures the security of its funds through the utilization of cold wallets.
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CryptoVisionary
Mon Jul 08 2024
This additional security measure, dubbed "deep-freeze" storage, ensures that the funds remain inaccessible to unauthorized parties, even in the event of sophisticated cyber-attacks.
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CharmedWhisper
Mon Jul 08 2024
These cold wallets are essentially crypto wallets that are not connected to the internet, rendering them inaccessible to potential hackers.
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charlotte_bailey_doctor
Mon Jul 08 2024
The lack of internet connectivity significantly enhances the safety of the funds stored in these wallets, as hackers are unable to target them.
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ethan_lewis_journalist
Mon Jul 08 2024
To further safeguard the cold wallets, Luno stores them in physical bank vaults within safe deposit boxes.
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