Re: Robinhood launching crypto wallets with commission-free trading
"At Robinhood, we’re designing wallets to be intuitive, with security features such as identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks and other threats."
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Since when does identity verification protect your coins from the threat of hacking or makes it safer to store your crypto?
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Since when does identity verification protect your coins from the threat of hacking or makes it safer to store your crypto?
I guess that they want to act like a bank. You give all the identity info they ask and if something happens with your account (and they can't blame it on you!
) then you'll get your money back by proving (again) your identity.I thought it was always exactly the opposite, in the case of a hack all your identity information might be stolen by a malicious actor, which further might be used against you making your coins and yourself painfully vulnerable to physical and virtual attacks. It is rather a security hole than a security feature.
It depends on how good care they have on that data. And it depends on luck too I guess. Most banks have such data and most were not hacked.
I don't tell that we should trust Robinhood with our credentials. Au contraire! I only answered those questions