At token.com we value trust, transparency and, most importantly, the safety of your assets. That’s why we feel it’s important to explain why you should feel safe investing in tokens through our product.
FTX’s collapse and the ongoing events have sent shockwaves through the token ecosystem. As the industry processes this, we wanted to share an update to offer you some reassurance.
At token.com, we guarantee the following to all of our customers:
- We maintain 1:1 balances for our customers and do not use your assets without your permission.
- You can withdraw your funds at any time as deposits and withdrawals are open 24/7.
- We manage counterparty risks proactively by working with licensed exchanges with daily settlement processes.
The FTX collapse saw many users locked out from their assets due to the exchange freezing withdrawals. We manage risk by not holding large balances on exchanges, meaning we don’t have big exposure to possible exchange collapses or other issues. In response to last week’s events, we’ve also removed our FTX integration from token.com (the application now only integrates with Binance).
The recent events in the cryptocurrency space have highlighted the urgent need for transparency and regulation. We welcome sensible regulation and believe that establishing frameworks to monitor exchange is a necessary step to protect customers like you and help the ecosystem thrive.
We want to conclude by saying that the recent developments have not wavered our belief in the future of decentralised finance and tokenization. Though the events have temporarily shaken the ecosystem, the failure of one exchange platform is not enough to tear down the world-changing promise of tokens and cryptocurrency technology.
We look forward to seeing the industry recover and we’re confident that taking learnings from the recent events will ultimately make the industry stronger and better protect token adopters in the future.
On our part, we can assure you that we will always do everything in our power to protect your assets.
If you have any questions or concerns related to FTX or other recent events in the token ecosystem, please reach out to us at meajuda@token.com.
We’re grateful that you are joining us on this journey. The path to a tokenized world is not smooth and we are still a long way off, but we have never been more convinced that the final destination will be worth the wait.
