Legal and regulation
Yes, Finoa holds a preliminary crypto-asset custody license (§64y Para. 1 KWG) and is supervised by the German Federal Financial Supervisory Authority (BaFin).
Finoa's platform is designed for institutional investors, corporations, High net-worth individuals, and other Service providers.
To open an account, please fill in the contact form on our contact page. A member of our Sales Team will be in touch with you to initiate the process.
The account creation is dependent on the onboarding verification process and customer requirements.
A Custodian is a financial institution that safely secures assets on behalf of third parties (institutions or individuals).
Storing your assets with a custodian allows you to protect your assets with best-in-class security and reduces the risk of you losing your keys or getting hacked.
Finoa's custody solution offers bank-level security combined with immediate access to your digital assets. We ensure that your private keys are stored securely while giving you the freedom to deposit, stake, and withdraw your assets and grow your portfolio.
Private keys for your assets are generated and stored in Hardware-Security Modules (HSMs) that provide military-grade cold storage. Through the application of core banking technology to blockchain infrastructure, digital assets can be deposited, withdrawn, or staked within seconds. Our multi-signature functionality serves as an additional layer of security for your assets.
Multi-signature is the process of validating a specific operation (such as a withdrawal) based on the confirmation from a predefined number of signatures. It 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 it substantially more difficult for funds to be compromised.
Proof-of-Stake is a type of consensus mechanism where the size of a validator's stakes determines the chances of them being chosen to mine the next block.
Staking means delegating your tokens into the blockchain network to act as a validator of transactions. By staking tokens, one helps in securing the network and in return receives rewards for doing so.
Finoa's in-custody staking services support Oasis Network, SKALE Network, NEAR Protocol, Mina Protocol, Flow, and Audius.
Finoa supports custody for over 185 crypto-assets such as bitcoin, Ether, Polkadot, Near, Flow, Mina, SKALE Network, Mina Protocol, Oasis Network, and many more. An overview of supported assets can be found on our assets page.
If you would like to deposit an asset for which we do not currently offer custody support, please get in touch with our team via the contact form. We are constantly adding more assets to meet our customers' needs.
Two-Factor Authentication (2FA)
Two-Factor Authentication (2FA) is a method of confirming a user's identity by requesting two different types of information to confirm a login. It acts as an extra layer of account security.
Two-Factor Authentication is enabled in your Finoa account through the Finoa 2FA App. The latter works by cryptographically pairing your biometric data (Fingerprint or Face ID) on your smartphone with your Finoa account. 2FA serves as the means to enable a multi-signature functionality to your Finoa account.
For iPhone users, the Finoa App supports all devices running iOS 13.1 and later versions. The App 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 those which have an integrated hardware-security-module (Secure Enclave, Trusted Execution Environment) as well as support for biometric authentication methods (Fingerprint or Face-ID). Devices supported include Samsung S10 and above, Google Pixel 3 and above, etc.
Disclaimer: note that there are exceptions to the model of devices supported by the Finoa App.
Yes, Finoa has developed a simple and robust RESTful API to integrate our secure custody solution into your existing applications and services. If you are interested in finding out more about our API, please reach out to our team by filling in the form on our contact page.