Where does Verse store my money?

  • Updated

The law obliges us to safeguard your funds in accounts that we have open in our name in renowed banking institutions, and where only the funds of our clients are deposited. We explain this in detail below:

First, the law requires us to distinguish between:

✧ funds that we receive from our clients (eg when you add money to Verse) and that are reflected in the main balance of Verse and in each of the Wallets,
✧ our company's own funds (that is, 'our own money', which we use to provide our services, and cover the needs and costs of our company and our employees).

Second, the law requires us to “separate” our clients' funds from our own money and, consequently, either (i) deposit our clients' funds in reputable banks, or (ii) invest in low-risk assets, as defined by law. The purpose of this regulation is to keep your money safe with a third party (in this case, the bank), in case a problem occurs with us (for example, the bankruptcy of our company).

The method we use: we deposit our clients' funds in accounts in our name that we have in reputable banks. In order to provide this third-party fund custody service, these banks are subject to strict regulations. As shown above, the protection standards of your funds are very high.

In conclusion, at all times your money will be guarded specifically dedicated exclusively to protecting the funds of Verse clients. In this way, your money is safe from anything that can happen in Verse.

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