Kumo Users’ Funds Always Secured (KUFAS 24/7) is an insurance fund established by Kumo to protect Kumo users’ Funds.
The primary aim of the initiative is to grow the fund to a sizable level where all kumo users’ funds will be insured and safe.
Origin of Insurance Funds
The origin of insurance funds can be traced back to a tweet from Binance CEO, Changpeng Zhou (CZ), during a Binance unscheduled maintenance.
CZ tweeted, “funds are safe” due to the uproar of possible breach.
In January 2022, CZ encouraged centralized exchanges to follow suit in order to create a high level of trust in the crypto space. He said, “Transparency is an important element of building trust… We call on all centralized exchanges to do the same as it will benefit the entire ecosystem and demonstrates to governments, regulators and important stakeholders, our collective commitment to uphold trust, integrity and transparency in the crypto ecosystem.”
KUFAS 24/7
According to Abikure Tega, Team Lead and Founder of Kumo, “With KUFAS 24/7, Kumo will commit a percentage of transaction fees to safeguarding user funds until it grows to a sizeable level that enable us to adequately insure Kumo users’ funds”.
The target is to grow KUFAS 24/7 to $10billion which is a considerate level for Kumo users.
Kumo Users’ Funds Always Secured 24/7 (KUFAS 24/7) will consist 50% of all trading fees on the platform and 20% of all other revenues.
The high proportion of trading fees going to the insurance fund will fasttrack the amount that will be insured within a short period of time.
In his words, Abikure Tega added, “KUFAS will commence on the 1st of October, 2022 and the fund will be strictly USDT”. This ensures stability.
After growing the fund to a certain level, the company may consider holding Bitcoin (BTC) in the future, putting the safety of Kumo users first.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
Kumo wallet is your all-in-one social payment app for seamless payment solutions.
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