What is Custody?
Custody is the possession of cryptocurrency.
When you buy digital cryptocurrencies from a centralized exchange, the exchange has custody of the cryptocurrency you purchased until you withdraw it to an external wallet. Upon withdrawal, the exchange transfers custody to the external wallet owner. Custody and ownership are not mutually inclusive.
Cool, why are you telling me this?
Shrimpy Advisory is not a custody provider. This means that at no point are we in physical possession of the cryptocurrencies represented in and managed by your Shrimpy Advisory Account. We do not own the wallets in which your cryptocurrencies are stored.
Shrimpy Advisory uses Gemini as our custodian. This means Gemini is the custodian of the cryptocurrencies in your Shrimpy Advisory Account, as well as the cryptocurrencies purchased on your behalf via trading through Shrimpy Advisory. When making a withdrawal through Shrimpy Advisory, the funds will be sent from Gemini directly to your linked bank account.
Who owns the cryptocurrencies in my Shrimpy Advisory account?
You own all of the cryptocurrencies represented in your Shrimpy Advisory account. What this means is that although Gemini will have custody of your cryptocurrencies to make it easier to deposit, withdraw, and trade cryptocurrency, you are still the owner of these cryptocurrencies.
Have questions, comments, or concerns? Feel free to send an email to AdvisorySupport@Shrimpy.io and one of our Support Agents will get back to you as soon as we're able.