Another day, another painful reminder to diversify and work with multiple wallet and custody providers

Earlier this month, the Hong Kong-based centralized crypto exchange CoinEx lost up to 70 million dollars of user funds in a hack as compromised private keys gave hackers access to hot wallets. CoinEx claims that the stolen sum represents only a small proportion of their total assets under management and assures users that they will be fully compensated.

Nevertheless, this is yet another harsh reminder that working with multiple wallet and custody providers, smart risk management, diversification, and wallet rebalancing are crucial to flourishing in the digital asset sector.

Diversification and risk management can be a real headache without the right tools. This is exactly why Crymbo developed its tech layer for institutional digital asset investment and management. There is enormous institutional appetite for crypto, but many have remained (fully or partially) on the sidelines due to both fear of unexplored territory and a lack of tools to manage risk and diversify portfolios at scale. Crymbo has built a smart gateway to give institutional investors all the control and flexibility they need to manage risk while mining the full potential of Web3, CeFi and DeFi platforms and protocols. All the depth of control and transparency we associate with DeFi is made available to institutional investors via Crymbo’s omni-API: asset rebalancing, multiple wallets, and ledgers, manual wallet operations, etc.

With such solutions at your fingertips, there is no excuse for losing major funds in yet another crypto hack.

Interested to learn more about the solution Crymbo delivers?

Schedule a demo now: https://meetings.hubspot.com/emile20

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