Don’t Panic: XEROF Can Weather Any Crypto Storm
Written by XEROF CEO Nick Ntigrintakis
After the second-largest bank collapse in US history on Friday, Circle-issued USDC, the second-largest stablecoin, lost its peg on Saturday, falling as low as $0.88. Now, market participants are worried about what other companies may be affected by the Silicon Valley Bank (SVB) insolvency.
In light of current events, XEROF would like to assure all of our clients that we have no exposure to the currently challenged banks or financial institutions in the traditional financial or crypto markets. XEROF's core services are provided through our Swiss banking partners, which means that all clients, new and old, can deposit and withdraw their funds quickly and easily. For added peace of mind, all client funds are held in a segregated wallet that belongs to the owner and is completely transparent.
We are always available to answer any questions, especially during these turbulent times.
What is Happening in Crypto?
In less than a week, two of the largest tech banks that provided major support for crypto failed. Although cryptocurrency prices rose Sunday night as the government stepped in, these events have sparked instability in the stablecoin market.
Silvergate Capital, a major lender for the cryptocurrency sector, announced Wednesday that it would close and liquidate its bank. Major startup lender Silicon Valley Bank, also failed on Friday after depositors withdrew more than $42 billion in response to the bank's disclosure on Wednesday.
In addition, just days after the demise of Silvergate, federal regulators placed Signature in receivership Sunday night.
The crypto sector could face major issues as a result of Signature Bank's failure. The largest cryptocurrency exchange in the US, Coinbase Global Inc., reported that it had a $240 million balance with the bank as of Friday evening.
Since the demise of TerraUSD last May, many of the crypto industry's problems of the past year have their roots in the stablecoin industry. In the meanwhile, regulators have turned their attention to stablecoins in recent weeks.
XEROF's Response to this Weekend's Crypto Turmoil
In these challenging times, XEROF is well-positioned to help both current and potential customers. One reason as to why XEROF remains resilient is because we do not have any exposure to any of the currently affected banks and financial institutions in the traditional financial or crypto-financial markets.
Our core services are provided by our Swiss banking partners, our extensive range of best-in-class liquidity partners, top-tier cryptocurrency wallet providers, and top-tier security and insurance companies.
In the last two years, our team of experts has developed a trusted and open crypto gateway, which is operated from our Swiss headquarters with Swiss licensing in place. It is important to note that the Swiss regulatory system requires that all client assets are kept off the balance sheet and in separate cryptocurrency wallets and bank accounts, which provides extra peace of mind for our clients.
We have made it possible for many of our clients to use our crypto gateway to get in and out of the crypto markets quickly and without any banking friction.
If you need assistance finding alternate solutions for your business or personal crypto holdings, please do not hesitate to contact us to learn how XEROF can help you.
Regardless of market conditions, you can always be assured that we maintain the highest standards of:
· Compliance by adhering to all SRO/VQF licensing criteria.
· KYC, AML, and KYT services provided by world-class service providers in the industry.
· Confidence in your financial transactions with some of the most established banks in Switzerland.
Please get in touch to see how XEROF can support your business during these uncertain times.
XEROF is always open for business and can assist any market player wanting an off/on ramp. Not only do we ensure that client funds are held in a secure segregated wallet, but we are also regulated and licensed by the Swiss Financial Services Standards Association. This allows XEROF to offer a range of cryptocurrency-related services to customers in Switzerland and globally.
If you are concerned about the current market upheaval and would like to find out more about XEROF's services or would like to discuss a tailored solution that suits your financial needs, do not hesitate to contact us. Readers can also reach out to us via LinkedIn, Telegram, Facebook, and Twitter.
@ All rights reserved. FE Swiss Financial AG trading as Xerof & is a registered Virtual Asset Service Provider (VASP) supervised by the self-regulatory organisation (SRO) VQF for AML compliance. FE Swiss Financial AG is fully compliant with Swiss regulation in the field of AML/CFT from Swiss Financial Market Supervisory Authority FINMA. VQF SRO Membership Nr. 100954.All FE Swiss Financial AG dba XEROF services shall be governed by its General Terms and Conditions of Service, including, inter alia, a limitation of liability and a nomination of competent jurisdiction. These General Terms and Conditions may be consulted via our Website. FE Swiss Financial AG does not provide financial advice and nothing in our communications should be construed as financial advice.
XEROF is a Swiss-licensed Crypto Gateway that offers exchange services for customers who possess crypto wallets and want to use them as fiat currency to purchase real estate properties and luxury goods.Learn more about XEROF