We are addressing the issue of safeguarding of storing money (especially in light of the FTX crash).
Currently, Crypto holders are basically compelled to make use of both crypto and fiat currency services on exchanges. Both of these are highly vulnerable, since user funds are unfairly used by exchanges for their own purposes. As FTX, Celsius, Voyager and Blockfi experienced their downturns, this became a clear reality to the crypto community.
Using Credits, crypto users have the opportunity to set up banking accounts in their app, allowing them to store their funds with higher levels of protection, including insurance and government oversight when compared with crypto exchanges and wallets.
Credits' revolutionary banking products provide crypto users with a distinct option: The ability to set up their own individual accounts within the Credits app where they can use it to save.
Customers' EUR funds are kept completely separated on their bank accounts with one of our partner banks unable to be accessed by anyone other than the owner. Regardless of any situation (such as bankruptcy or insolvency), the customer’s money will remain untouched.
Credits app’s IBAN accounts are akin to the ones present in leading banking institutions like Citi, Barclays, Credit suisse and Goldman Sachs. Likewise, these accounts offer the same degree of security as traditional bank accounts.
Your money is safeguarded and insured by the government when you use Credits. The UK Financial Services Compensation Scheme ensures that your money is covered up to 100,000 Euros.