# nStables Overview

nStables is the denomination for the set of stablecoins issued by Num. They are backed by a portfolio of real-world assets and stablecoins, creating a stable reserve that follows the dynamics of the fiat currency that the nStable replicates. Additionally, through diversified investment strategies of the reserve portfolio, nStables generate sustainable revenue that benefits the holders of nStables.

nStables offers the possibility to gain exposure to different worlwide stablecoins in a permissionless and borderless manner. Currently, there is a lack in the DeFi ecosystem of different stablecoins that allow for carry-trade strategies between currencies. 

* **Permissionless Acquisition** *nStable.* Utilize external secondary AMM pools to buy or sell nStable using assets like USDC.
* **Direct Mint** *nStable*. Exchange approved reserve assets to obtain nStable, subject to KYC/KYB verification exclusively for approved market-making counterparties.
* **Direct Redeem** *nStable*. Burn nStable and receive reserve assets, subject to KYC/KYB clearance exclusively for approved market-making counterparties.
* **Stake & Unstake** *nStable*. Earn a portion of the protocol's revenue. Exclusively available to users in authorized jurisdictions.

nStables are the most effective DeFi tool for portfolio diversification and the creation of directional currency strategies such as cross-currency swaps and carry-trade.


# Product Structure

In the DeFi space, there is a notable shortage of trading products that are not denominated in USD. The objective of nStables is to offer exposure to various international currencies in order to allow its users to diversify their portfolio. Portfolio diversification allows investor to access different strategies, such as carry-trade, that adhere to their risk tolerance and can potentially achieve higher returns compared to investments in USDC or DAI within the DeFi ecosystem.

### What are nStables?

nStables are stablecoins that attempt to maintain a 1:1 peg to the value of a certain national currency.

nStables maintain parity by creating a very low-volatility reserve managed under strict standards, as detailed in [nStables Reserve Management](/reserves/nstables-reserves-management) section. In this way, nStables are always over-collateralized through the nStable Reserve ("NR").

### Why nStables?

nStables offers the possibility of implementing investment strategies similar to those in the world of traditional finance while still enjoying the advantages of the crypto/DeFi ecosystem. nStables is the first product to offer a set of solutions for gaining exposure to currencies other than the US dollar.

### nStables available

Aimed to be the key to unlocking the full potential of worldwide currencies by offering yield through different mechanisms. 

* nARS: **Argentine Peso Stablecoin (ARS)** 

  The Argentine Peso (ARS) has been one of the best-performing currencies in 2024. This has generated significant international interest in investing in this asset. Due to the lack of instruments that allow for international exposure to this currency, nARS is very attractive to those who wish to make [directional investments](#user-content-fn-1)[^1] in this asset.

### nStables Roadmap

In the next versions of the product we will add the following nStables:

* nBRL: **Brazilian Real Stablecoin (BRL)**

  Brazil is one of the biggest economies in Latin America. It is a strong economy participating actively in BRICS. nBRL is very attractive to those who wish to make directional investments in this asset getting exposure to the brazilian economy.
* nMXN: **Mexican Peso Stablecoin (MXN)**\
  Mexican carry trade has been one of the most interesting FX trade in the past years offering interesting returns for MXN holders.  

### User Access

nStables may be accessed directly or via the DeFi ecosystem. nStables have two types of users: 

* Primary users or "Type A Users": are those users that have been onboarded in compliance with all onboarding and KYC requirements as defined by the issuer. Such users may directly mint and redeem nStables from the issuer.
* Secondary users or "Type B Users": are those users that have accessed nStables via secondary markets, including but not limited to exchanges, liquidity pools and other protocols.  

nStables are currently available on different exchanges and on different DeFi applications such as pools and others: 

* numun.fi 
* Buenbit
* Ripio
* Trubit 
* Let's Bit 

### DeFi Composability

nStables are ERC-20 tokens deployed natively on BASE. This, combined with their features, makes it very easy for various protocols in the ecosystem to implement solutions that leverage the potential and functionalities of nStables. As ERC-20 standard tokens, they are also easy to integrate with crypto exchanges and wallets. For information on integrations with nStables, please visit the following sites:

* [numun.fi](https://new.num.finance/)

### Disclosure

All information provided in this Documents is for informational purposes only and should not be construed as investment advice. You should not take, or refrain from taking, any action based on any information contained in these Documents or obtained via nStables. We do not make any investment recommendations to you or opine on the merits of any investment transaction or opportunity. You alone are responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance.

[^1]:


# Issuing Mechanisms

nStables can be issued by purchasing and are backed by different types of collateral. nStables issuance method is battle-tested and present a track record in the crypto ecosystem. 

nStables have a hybrid collateralization system: they can be issued with the backing of other cryptocurrencies, fiat money and other assets.

## Types of Issuance & Collateral

<details>

<summary>Purchase</summary>

Num offers the possibility to purchase nStables with different assets such as:

* Fiat
* Cryptocurrencies

These assets constitute nStables Reserve and can be exchanged for a variety of financial instruments allowed in the [Investment Prospectus](broken://pages/tV7BSfwXr7k0qlO4PHEw).

</details>


# nStables Reserves Management

## Overview

When a user purchases nStables, they pay fiat currency or USD Stablecoins for a value equivalent to the issued nStables. Assets received from purchase issuing constitute the **nStables Reserve** ("NR"), which acts as a collateral for all nStables issued through such mechanism.

For each nStables, there is an issuance and redemption module through direct purchase and sale. With this mechanism, users can issue nStables by transferring assets (cryptocurrencies, local legal tender currency or other accepted assets) to nStables reserve and, conversely, redeem nStables by selling in exchange for assets. The nStables delivered in the issuance process are new tokens and increase the circulation of the nStables in question and the nStables returned in the redemption process reduce the nStables in circulation.

## Reserves Management Process

The assets comprising the NR are managed according the Investment Prospectus for the nStable Reserve. The company will periodically inform the public of the assets contained in the portfolio that comprises the NR.

The main objectives of the **nStables Reserves Management Process** are described in the following list:

1. Preserve the net worth of the reserves and mitigate the volatility in the value of nStables
2. Mitigate risks associated with investment, custody, and transfers of the reserves
3. Seek for returns to generate sustainable revenue&#x20;

## Procedure & Vision

nStables follow the best industry standards in its Reserves Management Process. For this reason, we take into consideration several key points to preserve collateral:

* Reserves Management
* nStables Reserve Investment Prospect
* Risk Measuring & Risk Mitigation


# Reserves Custody

## Crypto Reserves

Crypto Reserves is held in custody by nStables following the best practices in the crypto industry. The technology used for this matter is a multi-signature wallet, where the private keys are partitioned and held in cold wallets for higher security. nStables carries out internal procedures to ensure a multi-sign approach for moving assets in/out of its custody.&#x20;

## Fiat Reserves

Fiat Collateral refers to any financial asset that is part of nStables Reserve and includes:

* Cash
* Bonds
* Overnight Deposits
* Repurchase Agreements
* Treasury Bills
* Certificates of Deposit
* Fixed Term Deposits

These assets must be held by the company, subsidiaries or partners in **Regulated Financial Institutions.**


# Reserves Report - nStables

Here you will find all the **Reserves Reports** detailing the issuance and collateralization of **nStables (nARS)**, from March 2022 to the present.

Additionally, since June 2023, we have published a monthly **Independent Accountant's Certification**.

### Documents - 2024

| Year | Month     | Document                                                                                                                |
| ---- | --------- | ----------------------------------------------------------------------------------------------------------------------- |
| 2024 | September | [**Reserves Report**](https://drive.google.com/drive/folders/1t9raUEqf_eHgYWu9hWYMid1zKlIe4zeW)                         |
| 2024 | September | [**Accountant's Certification**](https://drive.google.com/file/d/1OP9scs8YV6CtiPm0BXusNfVynv12w0sE/view?usp=sharing)    |
| 2024 | August    | [**Reserves Report**](https://drive.google.com/file/d/1REGh-KQl6R5Tl7VGnmanmJ7PEgjeF3lJ/view?usp=drive_link)            |
| 2024 | August    | [**Accountant's Certification**](https://drive.google.com/file/d/1x6ZqfkzGP17rEtsM3TugZcV7pefh8jn4/view?usp=drive_link) |
| 2024 | July      | [**Reserves Report**](https://drive.google.com/file/d/1zOO11_yDRHxi2Aytoq70OnRLPbIH_wM-/view?usp=drive_link)            |
| 2024 | July      | [**Accountant's Certification**](https://drive.google.com/file/d/1OZ2PjhgmSeUke__735TPtgfgL96gt1AL/view?usp=drive_link) |
| 2024 | June      | [**Reserves Report**](https://drive.google.com/file/d/1NkTUGKLIiHKDi4DlXkEGeWGBdoWsf5zy/view?usp=drive_link)            |
| 2024 | June      | [**Accountant's Certification**](https://drive.google.com/file/d/1-hXbgOYqbwgJkPRIVFQe-1LU3y2SNS-j/view?usp=drive_link) |
| 2024 | May       | [**Reserves Report**](https://drive.google.com/file/d/1kRXww_Qj7crXE0Ai9jyW_dxQMkjYVvMC/view?usp=drive_link)            |
| 2024 | May       | [**Accountant's Certification**](https://drive.google.com/file/d/1YIdfnAtzykkqBXXb3VIy0OMb3bTQBGTE/view?usp=drive_link) |
| 2024 | April     | [**Reserves Report**](https://drive.google.com/file/d/1U8MotDMeNBGvCUCxBkDu40kO-IBQGSLs/view?usp=drive_link)            |
| 2024 | April     | [**Accountant's Certification**](https://drive.google.com/file/d/1McN3hcBSHZh8TaA4mjUyaCq3iBIH3t6P/view?usp=drive_link) |
| 2024 | March     | [**Reserves Report**](https://drive.google.com/file/d/1YhFUydciAYDDVvQPwWsqlY6vYhzAAPoC/view?usp=drive_link)            |
| 2024 | March     | [**Accountant's Certification**](https://drive.google.com/file/d/1o1UAb777gQo3K2jnl_-TawABE2yc2fb8/view?usp=sharing)    |
| 2024 | February  | [**Reserves Report**](https://drive.google.com/file/d/19fPAry7vXUjeJQdpoqngiJ0pky-uidkw/view?usp=drive_link)            |
| 2024 | February  | [**Accountant's Certification**](https://drive.google.com/file/d/1Kvd5ljOZOKPjfkuVbJ6sPh0MYYgC_TzR/view?usp=drive_link) |
| 2024 | January   | [**Reserves Report**](https://drive.google.com/file/d/1nY6g_QjN_ceFGEdCnC2LoYxyKzHHp2ZE/view?usp=drive_link)            |
| 2024 | January   | [**Accountant's Certification**](https://drive.google.com/file/d/1xnJCWlF4PY8C3-xc1hBmiFZC5TcntVc8/view?usp=drive_link) |

### Documents - 2023

| Year | Month     | Document                                                                                                                |
| ---- | --------- | ----------------------------------------------------------------------------------------------------------------------- |
| 2023 | December  | [**Reserves Report**](https://drive.google.com/file/d/1Nu0Ojd27cT_DSv6PAAvUz-K9LrmXiBY5/view?usp=drive_link)            |
| 2023 | December  | [**Accountant's Certification**](https://drive.google.com/file/d/13xjT4w8cEgO5qFkHIZd-lH19Dk-puPYc/view?usp=drive_link) |
| 2023 | November  | [**Reserves Report**](https://drive.google.com/file/d/1V6NXJ2fGHhaJBjfj6QHDUfM4Q8tTbbyx/view?usp=drive_link)            |
| 2023 | November  | [**Accountant's Certification**](https://drive.google.com/file/d/1jPgCnhNNczTWgtpg6EEdjPmCGSy4c2a4/view?usp=drive_link) |
| 2023 | October   | [**Reserves Report**](https://drive.google.com/file/d/1TLFWDWXbxOAdKCOHqumJqRnNnkGx-hCo/view?usp=drive_link)            |
| 2023 | October   | [**Accountant's Certification**](https://drive.google.com/file/d/1buLNP_ei2_Es6-2zfGTJ3VOp1liZoc9O/view?usp=drive_link) |
| 2023 | September | [**Reserves Report**](https://drive.google.com/file/d/1WKp1S49S6RBrc2gTCwWaujcmf-V8aw9b/view?usp=drive_link)            |
| 2023 | September | [**Accountant's Certification**](https://drive.google.com/file/d/1pa5eBWvu--qIT0qCr8MLV1gt3O0uikyh/view?usp=drive_link) |
| 2023 | August    | [**Reserves Report**](https://drive.google.com/file/d/1Fg7JPjsO8AnpKI7o59tcMLhhG9kmmLBV/view?usp=drive_link)            |
| 2023 | August    | [**Accountant's Certification**](https://drive.google.com/file/d/1w3KeVkaPCa3Wm4YUjGYxk8ZLoHyAiyP3/view?usp=drive_link) |
| 2023 | July      | [**Reserves Report**](https://drive.google.com/file/d/1W4TtNcScxKTa_ej8zMeA16Mi942qxvQ1/view?usp=drive_link)            |
| 2023 | July      | [**Accountant's Certification**](https://drive.google.com/file/d/1l0aEweBwPF6btjuJYXMXYpTGJiG-CEHV/view?usp=drive_link) |
| 2023 | June      | [**Reserves Report**](https://drive.google.com/file/d/1sWQRG7KDnUVjFFudtyuKBM34goXnRZ1C/view?usp=drive_link)            |
| 2023 | June      | [**Accountant's Certification**](https://drive.google.com/file/d/1PEt_7JxIr0AbfTIIMqrXZbu15xX7uEr-/view?usp=drive_link) |
| 2023 | May       | [**Reserves Report**](https://drive.google.com/file/d/18cNsUKX45bvxoshCBlcgoswZvDog9wZa/view?usp=drive_link)            |
| 2023 | April     | [**Reserves Report**](https://drive.google.com/file/d/1S82OHYWeEb8GW4bS71J4wbo_PpnW6PrI/view?usp=drive_link)            |
| 2023 | March     | [**Reserves Report**](https://drive.google.com/file/d/1nizDBWKKM05GZsTmOG31eysniEwPYK3P/view?usp=drive_link)            |
| 2023 | February  | [**Reserves Report**](https://drive.google.com/file/d/1c2aOFK82t3B8sdQAHlmKCcuepVJRDnLT/view?usp=drive_link)            |
| 2023 | January   | [**Reserves Report**](https://drive.google.com/file/d/1dNiTufE3HMp-4TvL2o-uCWMHXWwIfT_B/view?usp=drive_link)            |

### Documents - 2022

| Year | Month     | Document                                                                                                     |
| ---- | --------- | ------------------------------------------------------------------------------------------------------------ |
| 2022 | December  | [**Reserves Report**](https://drive.google.com/file/d/1lZtuU6tAQkyNzXu0iLeovAdLkdMQFNEx/view?usp=drive_link) |
| 2022 | November  | [**Reserves Report**](https://drive.google.com/file/d/1h4boKSgPDV_AW1Ii2m-qpJwdpuig00x_/view?usp=drive_link) |
| 2022 | October   | [**Reserves Report**](https://drive.google.com/file/d/1UZ61AfCxTGvMP43M6XWoCq1_M_MoiwPr/view?usp=drive_link) |
| 2022 | September | [**Reserves Report**](https://drive.google.com/file/d/1ncmmzh9UwikXghX2SlKa1lzY5zFOrl4O/view?usp=drive_link) |
| 2022 | August    | [**Reserves Report**](https://drive.google.com/file/d/1gI7ue0D0jWSN9sF66Qxs6sTJewUOlJlo/view?usp=drive_link) |
| 2022 | July      | [**Reserves Report**](https://drive.google.com/file/d/1OUjfIy-AGaMA-_th0sW9aXPlMn2vPW0z/view?usp=drive_link) |
| 2022 | June      | [**Reserves Report**](https://drive.google.com/file/d/17_FqaIVqyxNE-d256D61trZaAV1kysNi/view?usp=drive_link) |
| 2022 | May       | [**Reserves Report**](https://drive.google.com/file/d/1jw0Ir2oYAaIvjzUX2tqtXp2qxd9tSDkl/view?usp=drive_link) |
| 2022 | April     | [**Reserves Report**](https://drive.google.com/file/d/1uZdr_GCaamq4wJjuu3a122_3zzNtoKQs/view?usp=drive_link) |
| 2022 | March     | [**Reserves Report**](https://drive.google.com/file/d/1XCVyGb8cD3ROh3zzlFKCx70xAW00pgD8/view?usp=drive_link) |


# Investment Prospectus for the nStables Reserve

## Investment Policy&#x20;

The management of the assets of the Local Currency Fiat Reserve aims to achieve the best results by identifying and forming an investment portfolio with varying degrees of diversification and managing the associated risk, as advised by market circumstances at any given time. In its actions, the company shall adhere to standards of prudence and diligence of a good businessperson, solely for the benefit of the collective interests of the holders of the nStables. The company will make investments of the net assets of the Local Currency Fiat Reserve in financial instruments and negotiable securities, fixed income, public or private, with a public offering, issued and traded in countries where investment in securities in the local currency to which the nStables in question aims to achieve parity ("local country") is possible and denominated in said local currency ("local fiat currency").

## Allowed Assets

### **Local currency nominated assets**&#x20;

The local currency nominated assets can be invested within the minimum and maximum percentages established as follows:

* **From 0% to 100% of the local currency nominated net assets in:**

  * Instruments issued by the Central Bank of the cocal country,
  * Debt instruments issued by the Federal/National Government of the local country,
  * Checking, savings or interests bearing accounts of locally regulated financial institutions,
  * Overnight stock market secured loans,&#x20;
  * Locally regulated investment funds with settlement period up to 2 (two) days, which invest at least 80% of its portfolio in these assets or in fixed-term deposits issued by financial institutions authorized by the Central Bank of the local country
  * Same currency stablecoins with redeeming mechanisms to USD stablecoins or fiat.

* **From 0% to 50% of the local currency nominated net assets in:**
  * Fixed-term deposits issued by financial institutions authorized by the Central Bank of the "Local Country", provided that 20% (twenty percent) of the mentioned fixed-term deposits correspond to pre-cancelable fixed-term deposits that form part of the fund's liquidity margin.

### **Foreign Currency nominated assets**

* **From 0% to 100% of the foreign currency nominated net assets in:**

  * **Regulated ETFs** composed of instruments issued by a Central Bank different from the "Local Country,"
  * Public debt securities issued by a National State different from the "Local Country," provided that this country is not banned by the Bermuda Monetary Authority or Local Financial Authority.&#x20;
  * USDC and DAI USD Stablecoins&#x20;
  * AAVE and Compound decentralized protocols USDC and DAI deposit certificates (aUSCC, cUSDC, aDAI, cDAI)

* **From 0% to 100% of the foreign currency nominated net assets in:**
  * Derivative transactions (only futures, forwards, warrants, negotiable securities representing call options or subscription options, always within the framework of public offering, swaps, and options), and always for exchange rate hedging purposes (reducing exposure to market risk) of positions in foreign currency.

## Portfolio Duration

The duration of the fund shall not exceed 180 days under any circumstances. The calculation method used to determine the duration is as follows:&#x20;

$$
Duration(Portfolio) = \frac{\Sigma D\_i V\_i}{V}
$$

Being $$D\_i$$, the duration of each asset of the portfolio, $$V\_i$$ the market value of each asset, and $$V$$ the total market value of the portfolio.

## nStables Reserve buffer

To protect nStables holders from interest rate risk, the nStables Reserve is always overcollateralized. This over-collateralization acts as an equity buffer to absorb potential variations in the underlying asset values resulting from interest rate increases. The reserves buffer is sized using the calculation of **VaR**&#x20;


# Risk Overview

nStables Reserve presents a low-risk appetite and ensures the protection of the value of the assets collateralizing the circulation of nStables. nStables tokens are always overcollateralized, and their issuance is not tied to algorithmic schemes or fractional reserve systems.&#x20;

A detailed analysis of the risks inherent in the custody and investment of the reserves it manages can be found on the next section.


# Risk List

nStables are built to be ultra-safe assets. This page provides transparency on the risks involved and the mitigating strategies adopted to reduce such risks. This disclosure can help current and prospective nStables holders understand their risk level compared to other on and off-chain alternatives. Users should do their own research when deciding to purchase any digital asset.

### Reserve/solvency <a href="#collateral-solvency" id="collateral-solvency"></a>

#### Debt default <a href="#us-debt-default" id="us-debt-default"></a>

nStables Reserve is invested following the [Investment Policy](/reserves/investment-prospectus-for-the-nstables-reserve#investment-policy).

These assets rely on the issuers continuing to service their debt.

#### Interest rate <a href="#interest-rate" id="interest-rate"></a>

When rates increase, the assets composing nStables Reserve will decrease in value (due to portfolio value sensitivity to interest rates). nStables Reserve is overcollateralized by a Reserve Buffer to provide solvency guarantees to users. Although this reserve buffer is calculated for some extreme cases, there is no way to predict with certainty that this will be enough. However, the short duration of the portfolio results in a low sensitivity for interest rates increases.

### Liquidity <a href="#liquidity" id="liquidity"></a>

#### Redemption delays  <a href="#redemption-delays" id="redemption-delays"></a>

nStables provides 24/7 liquidity. This liquidity line is sized to support normal operations with a size of a single-digit percentage of the total nStables outstanding. Suppose the net outflows from nStables are larger than the liquidity line. In that case, liquidity will default to [T+2](https://www.investor.gov/introduction-investing/investing-basics/glossary/settling-securities-transactions-t2) business days, in line with the time markets take to open, liquidate assets, and onramp/transfer liquidity to users.&#x20;

#### Financial partner uptime <a href="#financial-partner-uptime" id="financial-partner-uptime"></a>

nStables is built on top of enterprise-grade partners, providing Service Level Agreements (SLA) of 99%+. However, the uptime of services of such partners is not guaranteed (e.g., pause in Coinbase USDC redemptions). nStables reserves the right to delay liquidity in the rare occurrences when partners' services shut down to minimize nStables Reserve to risk exposure. In this case, the company will be biased towards keeping nStables Reserve assets in US Treasuries versus other stores of value since the former is the most secure.

### Market <a href="#market" id="market"></a>

#### Secondary market pricing <a href="#secondary-market-pricing" id="secondary-market-pricing"></a>

Due to the permissionless nature of nStables as an ERC20 token, we expect trading venues to open for nStables against other digital assets and fiat. The pricing of nStables in these venues might differ from $1, and the Company needs to take direct action to ensure peg is reinstated, aside from serving a diversified pool of arbitrageurs and market makers. Secondary market pricing for nStables might vary due to lack of liquidity, failure of arbitrageurs or market makers working in such pools, technological risks, and oracle manipulation. The Company is not liable for losses related to secondary market pricing risks.

#### Non-endorsement of 3rd party protocols <a href="#non-endorsement-of-3rd-party-protocols" id="non-endorsement-of-3rd-party-protocols"></a>

Due to the permissionless nature of nStables as an ERC20 token, we expect protocols to build with nStables. This does not mean an endorsement of such protocols, and users should do their own research before interacting with such protocols. Although the company may engage in co-marketing campaigns with other protocols, such marketing does not endorse the safe use of those platforms. It should not be seen as a guarantee of the safety of such protocols. The Company will not be liable for losses related to using nStables in 3rd party protocols, including hacks or any other losses that could materialize.

### Digital assets <a href="#digital-assets" id="digital-assets"></a>

#### Blockchain <a href="#blockchain" id="blockchain"></a>

Transactions in the blockchain are irreversible. This means that once you submit an order, whether in the nStables platform or the blockchain, the Company or the network will execute such an order on your behalf. The Company is not responsible for losses related to errors in orders initiated by users.

#### Authentication and private keys <a href="#authentication-and-private-keys" id="authentication-and-private-keys"></a>

Users are the sole responsible for keeping their platform credentials and private keys secure. Users are also responsible for other users they share those credentials too, whether that is by adding additional users to the platform or by sharing signing privileges. The Company is not responsible for losses arising from login credential security compromises, transactions initiated by users added by the account opener, or loss or mismanagement of private keys.

### Technology <a href="#technology" id="technology"></a>

nStables' technology was designed to minimize the surface area for attacks. In the front, the smart contract is a simple ERC20, audited, and battle-tested contract. In the back, the company leverages banking-grade technology, protected from external access, making it hard for attackers to penetrate.

#### Smart contract <a href="#smart-contract" id="smart-contract"></a>

The nStables smart contract has been audited by [Coinspect](https://www.coinspect.com/), a leading audit firm. However, no software product is ever risk-free. The nStables smart contract is public. The Company suggests that users conduct their own research before purchasing any digital assets, including nStables.

#### Backend <a href="#backend" id="backend"></a>

nStables backend is secured from external actors and leverages banking-grade technology to minimize risks. This includes traditional financial partners operating on reversible networks with decades of experience and billions in transactions, as well as more digital asset custody providers ([Fireblocks](https://www.fireblocks.com/)) that ensure proper custody of digital assets. Despite using banking-grade secure partners, users should know that using any centralized provider carries risks.

### &#x20;<a href="#management-and-directors" id="management-and-directors"></a>