After the FTX drama and the resulting billions in damage, the question arises of how to store your Bitcoin. Stock exchanges no longer offer a safe option as a result of the events, since a PoR (Proof of Reserves) is not required by law and it cannot be guaranteed that this is genuine. As a result, the storage of Bitcoin is currently insecure or involves a great deal of effort. With the Bitcoin wallet from Mondo Gate, that will now change.
What is Mondo Gate?
Mondo Gate, a company from Neustadt in Holstein, aims to combine the convenience and security of cryptocurrency custody. Here you rely on a solution that can significantly lower the existing barriers in the crypto space.
Bitcoin buyers and crypto fans know the ubiquitous problem. Those who keep their coins on exchanges or brokers are not protected from insolvency. Just a few days ago, one of the biggest bankruptcies occurred with the collapse of the FTX stock exchange. Investors lost their entire holdings. The effects of bankruptcy could have even more far-reaching consequences. Other stock exchanges are now threatened with insolvency and institutional investors have also been damaged.
But not only the insolvency of exchanges represents an increased risk for investors. If the exchange is hacked, the purchased coins are also gone. Whether Binance, BitFinex or Bittrex – in the past, hardly any crypto exchange has been spared. That’s why the motto “Not your keys, not your coins” has become established in Space.
The Problem of Bitcoin Storage
Hardware wallets are often recommended as an alternative. With these, the private key is stored offline. A device, similar to a USB stick, acts as a medium with which access to Bitcoin & Co. can be unlocked. This eliminates the risk of a stock exchange being hacked or even going bankrupt and the coins are safe. However, a hardware wallet is also associated with risks. If you lose the password or the seed phrase, you have also lost your cryptocurrencies.
In addition, a hardware wallet also means a restriction in comfort. Because before you can access the coins, you have to find the hardware wallet, find the password, unlock it and connect it to the software. If you then want to send your cryptocurrencies, the fun starts all over again. All of this can cost a lot of money in volatile market phases if you want to sell your tokens quickly. Because of the steps mentioned above, you quickly miss the ideal time to sell.
Crypto investors are therefore faced with a dilemma: Do you prefer the security of the coins or the convenience of being able to sell the coins quickly? Mondo Gate has set itself the goal of being able to answer this question with “both”.
Mondo Gate wallet offers security and convenience!
The Neustadt-based company achieves this through a special approach. On the one hand, the users of the Mondo Gate wallet enjoy the convenience of a stock exchange. Because they can access the cryptocurrencies at any time via the Mondo platform and freely dispose of them. On the other hand, they also enjoy the security of a hardware wallet, since the users’ coins are on a hardware-supported wallet. However, this is not a classic wallet that is owned by the user. Instead, the keys are located on a German server operated by Tangany GmbH, Mondo Gate’s cryptocurrency custodial partner.
Mondo Gate thus creates a digital money store. Wallets are assigned to individual users and are secured with a personal key that can only be used by that person.
With this special combination of exchange and hardware wallet, both the security and convenience aspect can now be met. Furthermore, this type eliminates the disadvantages of individual options. So there is no risk of losing the coins through a hacker attack or insolvency. It is also not a big deal if users lose their digital key. This is kept by the provider and makes reconstruction possible at any time. Consequently, access to the Mondo wallet is always guaranteed.
“Hackers don’t stand a chance with us, as it would be far too time-consuming to crack the countless individual user wallets instead of only having to hack a pool wallet with other providers. The user cannot make any serious mistakes either, the hardware is safe with us, and even if he forgets or loses his access data, our support can help without any problems.”
Albert Hild, CEO and CTO of Mondo Gate AG
Security to the highest standards
Crypto custody at Mondo Gate is committed to the highest standards. As a licensed custodian with the Federal Financial Supervisory Authority (BaFin), Tangany undertakes not to pass on user data and their keys to any third party in accordance with US banking standards. But even if all else fails and Mondo Gate becomes the target of a hacker attack, for example, users need not worry. Because in the event of theft or cyber crime, there is insurance coverage with one of the largest insurance companies. As a result of such an attack, users would have their tokens refunded
“Next Level Banking” by Mondo Gate
According to the motto ” Next Level Banking” , Mondo Gate is trying to create a payment ecosystem in which users can not only store and use their Bitcoin and other cryptocurrencies on the platform, but also access their fiat money, including their own IBAN and GooglePay to have. This is possible thanks to the cooperation with Mastercard and the BaFin-licensed money institute paycenter.
Banking transactions can thus be carried out conveniently using a smartphone or laptop. The Mondo Gate Debit Mastercard makes it easy to pay, regardless of whether the respective retailer or online shop accepts cryptocurrencies. Payment is made in real-time in fiat, secured by users’ cryptocurrencies. In the background, Mondo Gate takes over the processing at the current rates. As a user of a Mondo Gate debit card, you don’t have to worry about anything because everything is automated.
Mondo Gate thus offers a modern banking service in addition to a secure custody service for Bitcoin and other cryptocurrencies. This sets you apart from classic fintech providers such as Nuri, Revolut and N26. Because Mondo Gate connects what belongs together: wallet, account and card.
You want to try Mondo Gate and its revolutionary storage method that offers both security and convenience? This way!
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Source: https://cryptoticker.io/en/what-is-mondo-gate-revolutionizing-bitcoin-storage/