Crypto Custody Overview
ICONOMI Ltd assets are segregated from Platform assets (that includes exchanges, cryptocurrency wallets, and bank accounts).
All Platform assets are in omnibus accounts and the accounting system tracks their attribution to each user and/or portfolio. ICONOMI Platform assets storage is held in:
Usually, a wallet is represented by a public key and a matching private key. Whoever has access to that private key can access and move the assets in the wallet. Multisignature adds additional complexity so that behind a public key there are multiple private keys that are needed to access those funds. The system is set up in such a manner that any M out of N private keys (or actually corresponding signatures) are needed to access the funds (where M is lower or equal than N). Usual setups are 2/3, 3/5 or even more.
Multisignature offers increased protection from: loss of keys, internal attacks (rogue persons), and theft.