Crypto cyber security awareness + Being your own bank = True Ownership
With the ever growing and fast paced evolution of technology, looms the constant threat of cyber-risk, -crime and -hacks. This is something that is crucial for not just business owners to be aware of, but also you as an individual. Crypto is known for its revolutionary technology, transparency, and security. However, there are certain links within blockchain and crypto that are weak if not secured, audited, and stored safely.
Measures for you to ensure your own safety
Crypto Storage: Towards the end of February, Jesse Powell (Co-Founder, CEO – Kraken Exchange) replied to a tweet, that everyone was already aware of. However, the reality and confirmation of the truth made people reconsider whether holding any crypto at all on a centralized exchange (CEX) was a good idea.
This has been seen in the past where the biggest CEX have disabled the possibility to withdraw crypto and/or FIAT from your personal account. Question you should ask yourself: “Who really owns the crypto that you paid for”? The truth is that (as stated in the name) CEX’s are not wallets, but rather exchanges and a mean for you to buy & sell your crypto.
Be Your Own Bank: This is the utopian way for absolute and complete control of your crypto. You are most likely well aware of the terms “cold” and “hot” wallets. In simple terms, the primary difference between the two are that cold wallets are considered the more secure storage solution as they are not connected to the internet and are hardware devices. Whereas a hot wallet is intended for everyday crypto users and therefore connected to the internet, in the form of an application on your mobile phone. Examples of a cold storage device is a Ledger wallet or Trezor wallet. MetaMask or Trust Wallet are examples of cold storage wallets.
Therefore, for you to be in full custody and rightful ownership of your crypto you may want to consider storing your crypto on either of these types of wallets.
Password storage: Password and seed/recovery phrase storage in a critical step for you to becoming your own bank. As losing access or forgetting your password can happen to everyone. However, therefore you have a seed/recovery phrase. Your personalized seed/recovery phrase is what will gain you (or anyone who gets a hold of it) access back to your wallet. It is due to this very reason it is highly important that you store your seed/recovery phrase in a correct and responsible manner. There is a rule of thumb written by Ledger that explain what the best ways are to keep it safe. Self-custody and true ownership come with its benefits and responsibilities.
Measures we take to ensure your safety at Insula Investment Management
Funds: At Insula Investment Management we enable our investors to become their own banks. Being a non-custodial solution is one of Insula’s core values. All our investors own and control their own private keys. This enables our investors to be fully autonomous with their investment decisions if they desire. We do provide onboarding and investment strategy support. Ultimately however, our investors choose when to buy and sell without the need to consult or approval of any team member from Insula. At Insula you are your own bank.
Smart contract-based custody: The security, trustworthiness and reliability were the focal points when choosing which smart contract to use at Insula. For these reasons Insula chose Enzyme Finance. Enzyme Finance has been in the game for a long time and have brought these three factors through their reliable external auditors who conduct their smart contract code assessment. Most recently PwC Switzerland conducted Enzymes smart contract code assessment and concluded that “We found that the protocol design and the reviewed code were of consistently high quality” (Avantgarde Finance Appendix III – ISAE 3000 Report Smart Contract Code Assessment, Enzyme Protocol, PwC Switzerland, Andreas Eschbach & Hubert Ritzdorf, 19.01.2021). Through the use of smart contract, and our investors being their own bank. We can with utmost certainty assure you that if (Hopefully never) Insula were to go bankrupt, all investors would not lose a single cent of their investments.
$ISLA Token: ISLA token is Insula native token that is used to access all our services within our ecosystem. Currently $ISLA Token is a multichain token available on three of the most established networks: Ethereum Network, Binance Chain and Polygon Network. The $ISLA Token has a limited supply, which is in full circulation and is deflationary (5% of total supply is already burnt). We are proud to boast that the $ISLA Token has been securely moved +$20M across three blockchains between 2500 unique investors from all over the world.
Moreover, we would like to stress the fact that Insula Investment Management does not accept any FIAT payments, deposits, or transaction. Every form of transaction at Insula Investment Management is executed solely with crypto.
Website: To ensure the safety and legitimacy our own website, we have requested a cybersecurity health scan by Craft.co. Craft.co assess the cyber-risk and prevent supply chain disruption. After having conducted their audit on our homepage, our cybersecurity rating was graded 94/100.
Secure Support: The team at Insula Investment Management are always present to aid and support our investors needs. Therefore, we have established a safe communication method that we have streamlined to onboard all our investors. Additionally, to ensure the integrity and privacy of our investors we never allow our clients to share their screens with us. This is to mitigate the possibility of our clients accidentally sharing their passwords or seed/recovery phrases when they are creating their wallets and accounts. Moreover, Insula will never request any personal information such as passwords, private keys, 2 factor authentication codes, or remote access to investors machines.
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