"Security, regulatory compliance, trust. These are the main reasons we’ve been serving you since 2011. "
#Bitstamp just emailed me, as did #Coinbase yesterday.
They're in "market reassurance" mode, making sure they escape the fallout from #FTX
They explicitly wanted me (the market) toknow that #Bitstamp has no exposure to #FTX or #Alameda Resear
Re customers’ and institutional clients’ funds, #Bitstamp said they:
- held them separately from corporate funds.
- held 1:1 in custody or in bank accounts, with market-leading crime insurance.
- Never lent out or otherwise repurposed without customers’ instruction.
All very reassuring, but as the #FTX story unfolds, its going to reveal the extent to which VCs and hedge funds have leveraged retail investor deposits, taking the upside and leaving the exposure with the retail clientele