There are 2 main types of cryptocurrency wallets that exchanges and platforms rely on when it comes to storage of assets - Cold storage wallets and Hot storage wallets
- Cold storage wallet is a solution for storing crypto assets that isn’t connected to the internet. Therefore there is no way to access the funds held there.
- Hot storage wallets, on the other hand, have a direct connection to the internet and the exchange’s server.
The majority of customer digital assets (Bitcoin) are held in our offline Cold wallet storage system. Only a small portion of digital assets are held in our online Hot wallet when processing transactions.
All incoming and outgoing transfers (deposits/withdrawals) are executed manually, once our team checks all transactions for risk scoring, money laundering, suspicious trading activity, and other patterns.
We use Multi-signature access (“Multisig”) to provide both security against attacks and tolerance for losing access to a key or facility, eliminating single points of failure. All fund transfers from Cold Storage to Hot Wallets are handled manually and require the coordinated actions of multiple employees.
For maximum security and safety of funds, at PrimeXBT, all customer assets are stored in a cold storage wallet. PrimeXBT processes all pending withdrawals once a day, between 12:00 and 14:00 UTC. A withdrawal requested before 12:00 UTC will be processed on the same day. Any withdrawal requested after 12:00 UTC will be processed on the next day.