Mondo Gate, a young company from Neustadt in Holstein, has made it its goal to combine convenience and security in crypto custody. In doing so, they rely on a solution that can significantly reduce existing hurdles in the crypto space.
Bitcoin investors and crypto fans know the problem. Those who keep their coins on exchanges and brokers have bad cards in the event of an attack. Because “Not your Keys not your Coins” means: if the exchange is hacked, your coins are gone. Whether Binance, BitFinex or Bittrex – in the past, hardly a crypto exchange has been spared.
But even in the event of a company bankruptcy, there could be problems in this context. For example, even Coinbase, one of the largest exchanges in the world, issued a warning in this regard in May this year. In the event of insolvency of the company, one could not guarantee the security of customer funds. Since these are stored in a custodial wallet (collection wallet), she could become a victim of seizures.
Mondo Gate Solves Bitcoin Wallet Dilemma
As an alternative, hardware wallets are usually recommended. Because with these, the private keys are stored offline. The medium used is USB stick-like devices with which you can unlock access to Bitcoin & Co. But even here there is no one hundred percent certainty. Anyone who loses the hardware wallet including separate keys, for example, will have little joy with the lost cryptos.
In addition, there are the cuts in comfort. Because before you have access to your coins, you have to get out the hardware wallet, find the pin, unlock it and connect it to the software. If you still want to send Bitcoin, the fun starts from the beginning. All this is time, especially in turbulent market phases, which can cost you a lot of money in the worst case. For example, if you want to sell your coins quickly, you can quickly miss the ideal time while he or she is still struggling with his hardware wallet.
So investors are faced with the Bitcoin wallet dilemma: comfort and security hardly seem to be able to combine. Mondo Gate has stepped in to solve this problem.
The Mondo-Gate-Wallet: Safe and comfortable at the same time
Mondo Gate, a company from Neustadt in Holstein, has come up with a special way. Users of the Mondo-Gate wallet enjoy the convenience of an exchange. Because you can easily access and freely dispose of your cryptocurrencies via the Mondo platform at any time. Nevertheless, they are secured via a hardware-supported wallet. But here we are not dealing with a USB flash drive, which lies with the users. Rather, the keys are stored on the German servers of Tangany GmbH, Mondo Gate’s partner in crypto custody.
Mondo Gate thus creates the digital money storage. The wallet is assigned to the individual users, secured with an individual key and available exclusively for this one person.
However, if users lose the digital keys, this is no longer tragic. Because it is stored with the provider, a reconstruction is possible at any time – access to the Mondo wallet is always guaranteed.
So hackers have no chance with us, because it would be much too time-consuming to crack the countless individual user wallets, instead of having to hack only one pool wallet with other providers. Also, the user can not make serious mistakes, the hardware is safe with us, and even if he forgets or loses his access data, our support can easily help.
Albert Hild, CEO and CTO of Mondo Gate AG
Safety Made in Germany
Crypto custody is committed to the highest standards at Mondo Gate. As a custodian licensed by the Federal Financial Supervisory Authority (BaFin), Tangany undertakes to support user data such as your private keys by security hardware in accordance with US banking standards.
Even if all else fails, users don’t have to worry. Because in the event of theft or cases of cybercrime, insurance coverage is provided by one of the largest insurance companies in Germany.
Need a bank account? Mondo Gate makes it possible!
For those who are still hesitating, Mondo Gate has a pretty big ace up its sleeve: its own bank account including a Mastercard debit card. In cooperation with Mastercard and the BaFin-licensed e-money institute paycenter, the company will also offer a bank account including a virtual and physical Mastercard debit card for the wallet in a few weeks.
True to their motto “Next Level Banking”, this creates a payment ecosystem where users can not only store and use their Bitcoin and other cryptocurrencies on the platform, but also have their fiat money at their disposal, including their own German IBAN and GooglePay.
The banking transactions can be done conveniently via smartphone or laptop. It is easy to pay with the Mondo Gate Mastercard debit card – regardless of whether the respective retailer or online shop accepts cryptocurrencies. The payment is processed in real time in fiat, secured by the users’ cryptocurrencies. Mondo Gate takes care of the processing of daily updated courses in the background. As a user of the Mondo Gate debit card, you don’t have to worry about anything – everything is automated.