Safety of your crypto with Geco.one
Binance registered $1.9bn of withdrawals last week, blockchain data firm Nansen said, as the world's biggest cryptocurrency exchange said it had "temporarily paused" withdrawals of the USDC stablecoin.
How cryptocurrency exchanges, such as Binance and its now-bankrupt former rival FTX, handle customer deposits is under scrutiny from users and regulators. FTX founder Sam Bankman-Fried was charged by the US Securities and Exchange Commission on Tuesday with defrauding investors.
Binance, whose cryptocurrency market dominance was cemented by the fall of FTX, tweeted a so-called "proof-of-reserves report" by audit firm Mazars. The report showed its holdings of Bitcoin exceeded customer deposits on a single day in November.
The $1.9bn of withdrawals of tokens based on the Ethereum blockchain mark the largest daily outflow over 24 hours since June 13, the Nansen data showed and accounted for the majority of the funds being pulled in the last seven days.
"Binance's withdrawals are increasing due to the growing uncertainty about its reserves report," a Nansen spokesperson said.
From the beginning, we at Geco.one were aware of turbulences with the crypto market; hence we implemented an insured custodian for all the funds - Bitgo. Geco.one holds 1:1 of clients' funds, so we can guarantee all the deposits made are always possible for withdrawal.
Bitgo is an insured institutional custodian for all your Cryptocurrency that keep all our client's funds in cold storage.
How can you benefit further from holding your BTC, ETH, USDT & GEC at Geco.one?
It's called STAKING
Geco.one is determined to make sure all customers can benefit while HODLing crypto using the staking feature available at app.geco.one.
All you have to do is BUY a monthly subscription worth 5 GEC, enabling access to STAKING and giving you tools to earn passive income in your chosen currency.
There are four different plans available 30, 90, 180 & 360 days.
If you decide to freeze your coins for 360 days, your reward will be 8% in the chosen currency.
Make the most of BEAR market and utilyse our service for your own benefit.
Staking is the process of holding a certain number of tokens in a cryptocurrency wallet and using them to support the operation of a blockchain network. In return for staking their tokens, users can often receive rewards in the form of new tokens or transaction fees.
What is STKAING?
staking allows users to earn rewards by participating in the network's governance and helping to secure it through the use of their tokens. The specifics of the staking process and the rewards available may vary depending on the specific blockchain and cryptocurrency being used.
To stake on the Geco.one platform, users may need to follow these steps:
Hold a certain number of tokens in a wallet that is compatible with the Geco.one platform.
Choose the amount of tokens that you want to stake and the duration for which you want to stake them.
Follow the platform's instructions to complete the staking process. This may involve transferring your tokens to a specific address or delegating them to a validator.
Monitor your staked tokens and the rewards that you are earning. You may be able to view this information through your wallet or on the platform's website.
It's important to note that staking involves risks, as the value of the staked tokens may fluctuate and the rewards may not be guaranteed. It's always a good idea to carefully consider the risks and rewards before deciding to stake your tokens.