So then, are X-Accounts insured?

In an article called FAQs - X Accounts under General chat, in one section it goes on about how X-Accounts is the best of DeFi. So to make this point, wirex states all the shortcomings and risks involved in DeFi… and amoung the risks is listed that the funds are not insured.

So then following to the problems of DeFi, wirex write out how X-Accounts is solving the various problems posed. All of these solutions are quite clear except I didn’t understand the very last one talking about insurance?

“Developing Wirex’s reputation for regulatory compliance and customer safety, the partnership will give Wirex up to $30 million on insurance on crypto assets”

I didn’t really understand if this is saying that X Account’s are insured? What do you reckon?

Cheers

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Hello @Consciousness, your X-Account is not a checking, savings, bank, or deposit account. It is not covered by any banking protections, such as the UK Financial Services Compensation Scheme or the FDIC Deposit Insurance Scheme. Generally, cryptoassets held with Wirex are held with Fireblocks, which provides up to $30 million insurance coverage for cryptoassets. Regards!

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Thanks for the info

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This here! Could you please explain what that means for a common man holding crypto in X-ACCOUNTS?

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Hello @Consciousness, you may perceive it as a guarantee that your funds are safe in your Wirex X-account. Regards!

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