Why trust ICONOMI
Published on: 27 January 2023
ICONOMI provides a very easy and simple way to invest in the Crypto space. Buy, Sell Crypto or Copy Crypto Strategies on the Social Trading Platform. However, a crucial question you should ask is: How do you know you can trust ICONOMI?
Lower your Crypto investment risks
Crypto is a high risk investment. It is critical to prevent extra risk when choosing Cryptocurrency platforms, wallets and tools.
ICONOMI provides a very easy and simple way to invest in the Crypto space. Buy, Sell Crypto or Copy Crypto Strategies on the Social Trading Platform.
However, a crucial question you should ask is: How do you know you can trust ICONOMI?
Why CARUS-AR trusts ICONOMI
I have been working with ICONOMI as the CARUS-AR Cypto Strategy manager since Oktober 2017, and have been involved with the company since the start, it's ICO on September 29th 2016. Much has happened in Crypto in all those years: crashes, hacks, bull markets, locked wallets and more.
I have always felt confidence in the ICONOMI team to continue development, security and support of the platform. Below a few reasons CARUS-AR trusts ICONOMI
ICONOMI has done a lot of work to make the platform secure, in Crypto this is one of the most important aspects.
ICONOMI assets are segregated from Platform assets
ICONOMI Ltd assets are segregated from Platform assets (that includes exchanges, cryptocurrency wallets, and bank accounts).
All Platform assets are in omnibus accounts and the accounting system tracks their attribution to each user and/or portfolio. ICONOMI Platform assets storage is held in:
- Cryptocurrency wallets
- Bank accounts
Usually, a Crypto wallet is represented by a public key and a matching private key. Whoever has access to that private key can access and move the assets in the wallet.
ICONOMI uses Multisignature, adding additional complexity so that behind a public key there are multiple private keys.
Multilayer HOT-WARM-COLD storage system
ICONOMI uses several layers of security for it's Crypto wallets. 'hot' wallets allow for faster transfers with less security, 'cold' wallets have the highest security levels but lower liquidity.
ICONOMI uses several extra security measures:
- assets spread out across multiple exchanges
- monitoring these exchanges for any disruption in service and transferring assets accordingly
- high standards for asset listing and delisting
- industry-standard security of the whole IT system
- ICONOMI has a Risk, Impact, Escalation, and Reporting Matrix and a Business risk register
Audits and registrations
In 2018 ICONOMI became the first blockchain-based company to be audited by a 'Big Four' professional services firm (Deloitte). Quite a unique thing for that time.
Read the article on ICONOMI: Why is ICONOMI safe?.
ICONOMI FCA (UK financial regulator) registration
In 2021 ICONOMI Ltd successfully concluded an FCA (UK financial regulator) registration process (Firm Reference No. 927859) and became one of the first registered crypto asset firms in the UK.
In order to pass the registration process, ICONOMI had to prove to the FCA compliance with FCR (Financial Condition Report) requirements, including:
- AML and CTF controls and measures
- fraud prevention
- tax compliance
- cyber security
- insider dealing prevention
- risk management
- incident management
- Staff training and more
To showcase how unique the position of ICONOMI is in the UK Crypto space, see this quote from the FCA from this article:
Of the applications we determined, we approved and registered 41 (15%), 195 (74%) were either refused or withdrew their application and we rejected 29 (11%) submissions
Of 236 Cryptocurrency related companies that applied to the FCA only 41 (15%) received approval!
ICONOMI is one of those few companies in Crypto that has satisfied the strict regulators with correct anti-money laundering and counter-terrorist financing (AML/CTF) activities. ICONOMI has invested a lot to it's security and administrative workflow.
Continued development even in bad times
The Crypto space can be violent, difficult and even ruthless. Many titans of the Cryptocurrency space have gone bankrupt, have been hacked or stopped it's services the past year. This space is not easy.
ICONOMI has proven to be smart with managing it's funds, securing the platform, lowering costs when needed. The fact that ICONOMI still stands, has a functional and growing platform with very active development is a big deal for me. It is very easy to invest and boast about a company during bull markets when there seems to be endless growth and investment, it is during bear markets like we have now that the true winners are made.
Look to the future
Times have been difficult for Crypto in general, ICONOMI and CARUS-AR copiers. Many gains have been lost and difficult choices have been made. Still I see positive signals now.
Crypto is far from dead, regulation and rules will make the space safer and less risky, the economy is in chaos but still growing in many sectors and inflation seems to have topped. Fundamental potential for Blockchain, DeFi and Crypto is there, but it has been tested. The systems that survive this period wil grow immensely and provide huge value for it's investors. CARUS-AR plans to be a small part of that.