Dear XREX user,
It has been a long week for the crypto industry. We understand the extreme uncertainties have caused severe stress to many people. We would like to take this opportunity to share our thoughts and provide an insight on how we plan to navigate through these headwinds.
1) XREX had zero exposure to FTX; we cleared out all positions and assets from FTX before as a measure of internal risk management. These positions were used by our trading algorithms to generate yields for our XREX Rewards staking feature.
2) Over the course of next few days, and even weeks, the situation is still volatile with many possibilities that may happen. Our team has been monitoring the situation very closely, including on-chain activities at various exchanges, DeFi protocols, and lending platforms to identify possible liquidity stress. We are also paying close attention to platforms who have issued their own tokens and are facing probable high-risk situations from under-collateralized positions.
3) We have postulated multiple scenarios that may happen in the event of a crisis and devised appropriate countermeasures to protect your assets in each of these scenarios.
4) Our strong banking partnerships with Customers Bank, Silvergate, and Signature Bank via Circle ensure high USD liquidity at all times.
What has happened with FTX has impacted the confidence of many, however, XREX will continue to uphold the trust and confidence you have placed in us by always protecting your assets. This goes without any exceptions.
Thank you for your continued trust in us. XREX is built with the goal of providing a clean and safe environment for crypto investors and cross-border merchants alike. We will continue to uphold that creed every day.
Regards,
The XREX team
