Jakub Mościcki and Rafał Zaorski from Krypto Jam start with the first in Poland security fund dedicated to crypto exchanges – Crypto Security Fund.
In history of cryptocurrencies, the subject of falling stock exchanges has happened not once and returns like a boomerang. The reason is usually hacker burglaries. In Poland for example, in the last few years, such platforms as Bidextreme or Bitcurex have also collapsed. Foreign companies from this market are also confronted with the problem.
In order to protect themselves against such burglaries, stock exchanges all over the world are starting to establish special guarantee funds. Recently, such a project was launched by the Binance exchange, for example.
The new company Crypto Security Fund is also a response to cryptocurrencies market ailments, to the establishment of which contributed the controversial trader and the creator of Krypto Jam – Rafał Zaorski. For a certain percentage of their turnover, the stock exchange or exchange office will have funds protected for the benefit of affected customers who have lost their deposits.
– In short and simple terms: if an exchange fails or is robbed, our company covers the losses of our clients – explains Jakub Mościcki, President of the Management Board of the Crypto Security Fund.
When asked about the project’s first plans, Mościcki admits that talks are underway with his first clients: “Yes, we are currently in talks with several entities, including Poland, in order to include them in the security we offer. Our offer was addressed first of all to entities from our country, because we believe that in spite of everything, Poland may still be a leader in the blockchain and digital currency industry, and such a service will give Polish exchanges a huge advantage over foreign competitors.
Poland as a leader?
Mościcki does not hide his belief that the Crypto Security Fund will help the Polish market to develop: “The market for cryptocurrencies is still very young, and thus has many imperfections and weaknesses. One of such disadvantages is the lack of security against theft of funds from the stock exchanges. Despite many warnings that funds should not be kept on the stock market longer than necessary, there are still audacious thefts and many people lose all their cryptocurrencies. Therefore, we believe that the introduction of deposit protection will significantly reduce the risk of losses, and thus the stock exchanges will become safer for investors and traders, which in turn will have a significant impact on the popularity of this form of capital investment. In addition, the company is part of a further phase of building a strong Polish-based FinTech group. Together we want to make Poland a leader in the cryptocurrencies and blockchain industries.