PayCircle, powered by Diamante Blockchain Holdings Inc. (“Diamante”), is a financial technology company, not an insured depository institution or bank. Digital assets are not legal tender, are not insured by the Federal Deposit Insurance Corporation (“FDIC”), and are not subject to protections afforded to bank deposits. Digital assets are subject to extreme price volatility and may lose value.
Diamante maintains one or more deposit accounts at banks for the benefit of customers that maintain fiat currency balances. Deposit accounts can be dedicated custodial accounts for the benefit of a single customer, or custodial accounts that hold commingled funds in proportion to the fiat currency contributed by each account holder recorded on our ledger in a manner consistent with 12 CFR 330.5(a)(2). Diamante maintains deposit accounts at PrimeTrust, LLC, which inherently maintains deposits with the following FDIC-insured banks: BMO Harris Bank, Cross River, Lexicon Bank, MVB Bank, Piermont Bank, Royal Business Bank, and Signature Bank.
Fiat funds held on deposit in custodial accounts at insured banks may be eligible for FDIC “pass-through” deposit insurance up to a maximum deposit amount of $250,000 per customer if certain criteria are met. If an insured bank fails while it is holding the account where your funds are held, you may be eligible for deposit insurance coverage by the FDIC pursuant to 12 CFR 330.5 and 12 CFR 330.7. A customer’s insured interest in a custodial account that holds commingled funds is equal to the amount of fiat currency held on deposit for that customer. FDIC deposit insurance covers deposit products offered by insured banks. Deposit insurance does not apply to non-deposit products, such as digital assets. FDIC deposit insurance does not protect you against the failure of Diamante or losses resulting from unauthorized access to the digital assets in your account. For more information, Click here.
FDIC deposit insurance covers deposit products offered by insured banks. Deposit insurance: (1) does not apply to financial products such as digital assets; (2) does not protect against losses due to theft or fraud; and (3) does not protect against the default, insolvency, or bankruptcy of non-bank entities, including crypto custodians, exchanges, brokers, wallet providers, and neobanks.
Should any person have reason to believe that anyone is or may be acting in violation of section 18(a) of the FDI Act (12 U.S.C. 1828(a)) or this subpart, or have questions regarding the accuracy of deposit-related representations, such individuals may contact the FDIC at the FDIC Information and Support Center, https://ask.fdic.gov/fdicinformationandsupportcenter/s/, or by telephone at 1-877-275-3342 (1-877-ASK-FDIC).