Kriptomat has temporarily disabled its popular KriptoEarn feature. The move comes amid market conditions surrounding the well-publicized failure of major crypto businesses in recent weeks.
The market conditions have not affected Kriptomat or its customers. But the KriptoEarn feature relies upon external partners. Unwilling to expose customers to risk that was not under its control, Kriptomat decided to suspend KriptoEarn until the market stabilizes.
Kriptomat returned 100% of KriptoEarn funds to user wallets within two hours after announcing the decision.
KriptoEarn is a market-leading product that has delivered competitive APY returns to customers who store crypto in special wallets on the Kriptomat platform. It has been the fastest-growing product at Kriptomat during 2022. The feature has worked flawlessly despite market conditions.
“Disabling KriptoEarn temporarily was an easy decision,” said founder Srdjan Mahmutović.
“Customers count on us as the leader in regulatory compliance and security. Protecting customers will always come first at Kriptomat.”
Kriptomat’s financial position remains strong, Mahmutović says, noting that the company maintains reserves to fully cover all client liabilities. “We never trade in customer funds,” he said. “We execute transactions when and as directed by customers.”
Kriptomat is registered and compliant with more European regulatory authorities than any other crypto platform, and its risk-assessment team vets partner companies thoroughly. The company voluntarily submits to regular audits of financial statements, capital requirements, and regulatory compliance.
Kriptomat says it will revive the KriptoEarn feature – with a series of innovative product enhancements – as soon as possible.
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