Cybersecurity
Wild Crypto Market’s Traders Get Something New: FDIC Protection
- SFOX, M.Y. Safra Bank partner to offer insured cash accounts
- Traders have access to individual accounts in their own names
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The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection.
SFOX, a prime dealer and trading system in the $208 billion crypto market, is partnering with New York-based M.Y. Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. -- the same federal agency that protects bank customers up to $250,000 per financial institution.