How do Nebeus' insured vaults work

How do Nebeus' insured vaults work

Nebeus' insured vaults provide a secure storage solution for your deposited funds. Here's how they work:

  1. Deposit: When you deposit funds into the Nebeus vault, they are automatically sent to BitGo, one of the largest and most reputable crypto custodians globally. BitGo ensures the safekeeping of your funds.

  2. Cold Storage and Secured Vaults: BitGo stores your funds in a cold wallet, which means it is kept offline and not accessible to hackers. These cold wallets are physically placed in bank-grade Class III secured vaults, adding an extra layer of protection.

  3. Withdrawal Process: When you request to withdraw your funds, BitGo performs an identity verification process to ensure the security of your account. After verification, they generate a transaction that needs to be signed offline using Multi-Sig technology. This technology requires multiple cryptographic signatures to authorize the transaction, enhancing security.

  4. Security Measures and Timeframe: The Multi-Sig transaction signing process can take up to 24 hours. This extended timeframe ensures thorough security checks and offers the best protection against loss or theft. Once the transaction is signed, BitGo co-signs it, and the funds are transferred. Due to this rigorous security process, the withdrawal can take up to 48 hours to be completed.

  5. Insurance Coverage: Throughout the entire operation, from deposit to withdrawal, your funds are insured by Lloyds of London for up to $250 million. This insurance coverage provides an added layer of protection, further safeguarding your deposited funds.

If you require more information or have any further questions, do not hesitate to contact Nebeus' support team. They will be able to provide you with detailed assistance and address any concerns you may have regarding the insured vaults and their security processes.

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