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InfiPay

Latest release: 1.1.2 ( 8th April 2021 ) 🔍 Last analysed 4th April 2022 . Custodial: The provider holds the keys Not updated in a while
4.2 ★★★★★
50 ratings
1 thousand
28th October 2020

Jump to verdict 

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

External Custodian

According to public information from this provider, they use an external company such as BitGo, Gemini Custody or Coinbase Custody as their custodian. Many of the products listed here do the same.

While this might be a good thing:

  • External Custodians are usually highly specialized in securing assets
  • External Custodians will care about fixing issues with one client, to not lose others
  • External Custodians are usually registered businesses under regulatory oversight
  • External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
it also has its down-sides:
  • External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
  • External Custodians holding custody of many wallets are interesting targets for hackers and thieves
  • External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened

As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!

App Description

InfiPay brings the best of traditional finance and a digital assets exchange together in one application. InfiPay offers users a full Debit Card and account functionality with digital assets trading, full custody and secure digital currency wallets. Send digital assets instantly and free of charge to any user within the InfiPay Ecosystem. Send digital assets to any of your friends and contacts. Spend your digital currency on a stylish branded MasterCard Insured BitGo wallet solution up to $100 million to protect your digital currency. Secure customer authentication and user-focused features, such as freezing your card, put you in control.

Google Play Critical reviews

Nrs. K.D Dano
★☆☆☆☆
Bad App, don’t waste your time downloading this app. I regret doing so, almost all the features not working, keep on saying coming soon. Verification pending for almost a month. I regret sending my data to them….

The Site

Buy and sell digital currency with a linked Debit Card* or Account via SEPA or Faster Payment transfers.

Convert and swap one digital currency for another with instant settlement. Buy crypto with Fiat or convert digital currency to Fiat (EUR, GBP, USD)

Currently Available Coins – BTC, ETH, BCH, LTC and XRP

Terms and Conditions

InfiPay maintains full custody of the funds and User data/information which may be given to governmental authorities in the event of Account suspension/closure arising from fraud investigations, violation of law investigations or violation of these Terms.

The App

We registered with the service and it required the following: email, phone, address, birth date and country.

Prior to using the app, they requested a valid government ID and a selfie.

We were able to temporarily bypass the verification window. There is a bitcoin wallet that can send or receive. However, before the user can do so, the user has to verify his or her identity.

We were not able to locate the seed phrases or private keys.

Verdict

Bitcoin wallet features that are locked in prior to ID verification is a good indicator for a service’s custodial nature. If a service can lock features of a wallet before the user verifies, they can most certainly lock it after. Thus, the app cannot be verified.

(dg)

Verdict Explained

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Custodial!

Is the product self-custodial?

If the answer is "no", we mark it as "Custodial: The provider holds the keys".

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.

But we also ask:

Stale!

Was the product updated during the last year?

If the answer is "no", we mark it as "Not updated in a while".

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.