Frequently Asked Questions

Yes, Finoa is currently a preliminary authorized crypto-asset custodian as per the German Banking Act (§64y KWG). The full license application is currently underway.

If you would like to open an account with Finoa, please reach out to us at contact@finoa.io and a member of our sales team will contact you to initiate the account opening process.

At Finoa we strive to make the account opening process as easy as possible for all our clients. The account creation is dependent on the onboarding verification process.

Proof of Stake (PoS) is type of consensus mechanism by which a network chooses the next block’s validator according to how many assets he or she holds. You can think of this as a security deposit: the size of the stake determines the chances of a validator to be chosen to mine the next block.

Staking simply means depositing an (PoS) asset in a wallet for a fixed period and earning rewards (interest) on it. Staking is a way to generate return on funds that would otherwise be inactively deposited in your wallet. Once an asset is staked, you can earn compounded rewards on top of your initial deposit. Rewards vary across different protocols and based on the length of time the asset is held.

Currently, you can stake Tezos (XTZ) with Finoa. Polkadot and Dai Stablecoin (DAI) staking services are coming soon.

Finoa currently supports Bitcoin (BTC), Ethereum (ETH), ERC-20, Polkadot (DOT), Tezos (XTZ), Maker (MKR), Dai (DAI), Chainlink (LINK), INVAO (IVO), NEAR (NEAR) and more.

Finoa can quickly add the support for new assets based on client requests. For any request or further information please send an email to: contact@finoa.io

We work with high-security data centers and we shield our hardware infrastructure by partnering with German-based Utimaco - the “gold standard” manufacturer of highly certified Hardware Security Modules (HSMs). We provide secure access and verification of your account through a biometric two-factor authentication (Face-ID/Fingerprint) enhanced by multi-signature governance.

Multi-signature is the process of validating a specific operation (e.g. transaction) based on the confirmation from a predefined number of signatures. Multi-signature acts as a security mechanism to ensure that the funds’ governance is respected. A multi-signature process splits the responsibility among multiple people, eliminating a single point of failure and making substantially more difficult for the funds to be compromised.

No, Finoa "Warm-Storage" Digital Asset custody technology never suffered any incident. Your assets are always protected by the highest cryptographic standards whilst being accessible anytime from anywhere.

A Two-Factor Authentication (2FA) is an added layer of account security. 2FA is a method of confirming a user's identity by requesting two different types of information to confirm the login. To use the 2FA, please make sure you have the Finoa App installed on your mobile device and contact us through: support@finoa.io

Finoa’s two-factor authentication (2FA) works by cryptographically pairing your biometric data (Fingerprint or Face-ID) on your Smartphone with your secure Finoa account. To use the 2FA, please make sure you have the Finoa App installed on your mobile device and contact us at: support@finoa.io

Currently, for iPhone users, the Finoa App supports all devices running iOS 13.1 and later and can be accessed through an iPhone 6s or newer device. For Android users, the Finoa App can be accessed on devices running the latest OS version and which have an integrated hardware-security-module (Secure Enclave, Trusted Execution Environment) as well as support a biometric authentication method (Fingerprint or Face-ID) - devices include e.g. Samsung S10 and above, Google Pixel 3 and above, and more.

As soon as a we learn of the death of one of our customers, we block the account access and hold the account as an estate account, which will be made available to the lawful heir after providing the necessary certification of inheritance.

Digital Assets of Finoa’s customers are held separately from Finoa GmbH’s assets and are treated as Special Assets off-balance. Thus, in case of insolvency, are not considered as insolvency estate.

Yes, Finoa has developed a simple and robust RESTful API to integrate our secure custody solution into your existing Digital Assets applications and services. Interested? Please reach out to contact@finoa.io

If you would like to have access to Finoa´s API documentation, please reach out to us at contact@finoa.io

For any request or further information please send an email to: support@finoa.io