Following the demise of the world’s second-largest cryptocurrency exchange FTX, some of the largest global industry players such as Gemini and GOPAX have had to freeze customers’ withdrawals as over R100 billion in cryptocurrency assets are now locked up in FTX’s bankruptcy proceedings.
FTX has yet to release its full list of creditors — with the top 50 having a combined claim of over R50 billion and total creditors’ claims exceeding R100 billion. Given the ubiquity of FTX within the global cryptocurrency ecosystem, it’s unlikely that the contagion has not spread to South African cryptocurrency exchanges.
With the aim of reducing cryptocurrency investors’ risk of being on a cryptocurrency exchange, Jaltech being the only off-exchange cryptocurrency custody service provider in South Africa is offering cryptocurrency investors the option of transferring their cryptocurrency into Jaltech’s Off-exchange Cryptocurrency Safety Deposit Box at no cost for the first 6 months.
Jaltech’s fee breakdown is as follows:
The key features of Jaltech’s crypto custody service
Simple and effortless transfer: Jaltech’s custody team will navigate you through and manage the entire process.
Transferred off-exchange: All cryptocurrencies under Jaltech’s custody are held off-exchange. This step completely removes an investor’s exposure to the risks of being on a cryptocurrency exchange.
Market leading technology provider: Jaltech has appointed the world’s leading cryptocurrency custody provider Fireblocks. Fireblocks has processed over R50 trillion in cryptocurrencies and provides services to over 1 300 financial institutions globally.
In-person / virtual authentication: All individual requests to withdraw cryptocurrencies will be authenticated in person or via a virtual meeting. This process mitigates the potential of a fraudulent withdrawal request being submitted.
No single point of failure: The Multi-Party Computation protocols ensure that cryptocurrencies/tokens are not accessible nor transferrable from any single point or by any single person within Jaltech.
Accessible by heirs and financial advisors: Jaltech’s service allows heirs and financial advisors access to their family members or clients’ cryptocurrency as a contingency if/when the need arises.
Terms and conditions:
1) The above offer expires on 9 December 2022
2) The minimum deposit is R50 000
3) Jaltech reserves the right to withdraw this offer, limit the number of customers and limit the offer to specific cryptocurrencies only
4) Jaltech’s offer excludes the added feature of having an external party approve withdrawals as well as the preparation of SARS reports.
5) *Network costs are unavoidable and are incurred at a network level (non-Jaltech revenue). Typically these fees are <R10 but are dependent on network conditions at the time of a transaction and will be for the customer’s account
If you are interested in taking Jaltech up on the opportunity click here and complete the enquiry form and a representative of Jaltech will contact you.
