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Over the last week we’ve seen the unravelling of FTX, a predominant global cryptocurrency exchange. On the surface it appeared FTX was doing things the right way, unfortunately behind closed doors they were running fast and loose with customer funds, putting customers, creditors and partners all at risk.
In light of this, we wanted to take a moment to tell you about our stance on FTX’s downfall, and our regulated approach to build scalable crypto trading infrastructure as a service. We think after reading this, you'll agree that Cybrid is an ideal partner for your organization in the wake of recent events.
Our Stance on FTX
There’s no nice words to say about the way FTX has operated. We simply don’t condone the use of customer assets for company purposes in any fashion, and believe that FTX both operated outside the law, and that its management team should be held legally and criminally responsible.
While some in the crypto community have a disdain for oversight and regulation, FTX shows a clear reason as to its need. If you’re a believer in the underlying technology behind cryptocurrency, as we are, then FTX is a glaring hazard sign showing us the path forward is transparent, regulated and accountable.
We can confirm that Cybrid does not have any exposure to the FTX Group, any FTX owned company, its affiliate Alameda Research or its corresponding FTT token. We have no deposits on any FTX platform, no investments in or by FTX, and do not use FTX as a custodian for any of our services.
Who is Cybrid and how do we operate?
Cybrid Technology Inc. is a US and Canadian based VC-funded technology company that provides software-as-a-service crypto infrastructure in a regulatory compliant way. Our management team consists of seasoned veterans of both the financial world and the enterprise security industry with a long history in compliance and focused on securing customer funds. We’re owned, operated, and regulated in North America, servicing customers in Canada, the US and internationally.
Cybrid’s customer cash balances are held in US and Canadian dollars with nationally chartered banking institutions within the United States and Canada, and never co-mingled with operating accounts which are held at a completely separate bank. All customer crypto assets are held 1:1 in 3rd party wallet infrastructure or trust companies, and we never lend customer assets.
We never independently perform operations with customer fiat or crypto assets, and all financial activity performed with assets held by Cybrid is at the sole discretion of, and instruction from, the end customer.
Cybrid does not sell cryptocurrencies from its wallet to customers, and has never sent customer crypto to hedge funds or other traders claiming to offer yield farming. Cybrid has not, nor intends to, launch our own crypto token, and only works with existing cryptocurrency assets and will only integrate to blue-chip DeFi markets. Cybrid is a pure play technology company that fulfills customer orders directly from liquidity providers and painstakingly avoids any conflicts.
Building the bridge to cryptocurrency
There is great innovation happening on the back of blockchain, cryptocurrency and smart contracts. This innovation can drive both interesting new use cases, as well as solve some of the legacy issues we have in our dated financial infrastructure. But this technology must be used in a responsible way, and cannot thwart the standard investor and customer protections that allow people to trust the institutions they do business with.
We believe the future absolutely includes cryptocurrency, however it must be adopted in a safe, secure, regulated and pragmatic way. This is the approach Cybrid is taking, as we enable traditional banks and fintechs to safely bridge the gap to cryptocurrency and the decentralized finance ecosystem, and to seamlessly work with this new paradigm alongside the familiar tech and regulatory guardrails we've come to trust.
Chat with our team, get a demonstration - educate yourself.
Learn more about how Cybrid’s Crypto as a Service platform enables KYC onboarding, account connectivity, crypto custody, and trade in a safe, responsible way that allows companies, users and the crypto economy to prosper.