ChainRift is a centralized cryptocurrency exchange, founded in 2018. According to the information on its “Terms and Conditions” page, the platform is operated by ChainRift LLC., a Wyoming corporation (official address: 205 West Main St, Newcastle, WY, USA). There we can find out also that ChainRift is registered with the US regulator, Financial Crimes Enforcement Network (FinCEN), as a Money Services Business (MSB) (registration number: 31000127980410).
According to the information on the exchange’s LinkedIn page, the platform employs up to 10 individuals. ChainRift’s website further reveals that the exchange was founded by 21MIL, a consultancy and development team dedicated to building products and services around the Bitcoin space. On its website, 21MIL describes its team as “a diverse group of Bitcoin advocates with a broad sets of skills.” It continues to say that the members have a diversified background, including cryptography experts, software developers, content creators, economists, and others. The founder is Ferdous Bhai, who is described as the founder of “Canada’s largest Bitcoin OTC brokerage, YapCX” and the “high-performance cryptocurrency exchange, ChainRift.” At the time of this writing, though, Ferdous Bhai doesn’t have a LinkedIn profile. So is the case with 21MIL, which doesn’t help track the other team members running the project.
To explain the adopted security measures, the platform has developed a separate section on its website. According to the information there, ChainRift “has gone through extensive penetration testing and security audits” and works with “skilled security researchers across the globe.” The exchange states that it has integrated “complete DDoS protection by a leading DDoS provider”, two-factor authentication, and multi-tier system architecture. It also points out to storing “the majority” of users’ funds in multi-signature cold wallets. The platform’s team even stimulates users to find and report system weaknesses by offering rewards of at least $100 (the exact amount is calculated depending on the severity of the issue).
ChainRift claims to offer “the highest paying referral program.” In a Medium post, the exchange clarifies that the referral program is the highest paying “out of all the notable cryptocurrency exchanges.” According to the information on its website, ChainRift’s users can earn 50% of the trading fees, generated by the users they have invited. All payouts are claimed to be made hourly.
CoinRift also claims to offer 24/7 customer support. The supported channels to get in touch with the platform’s representatives are a ticket system, Telegram, and social media. Judging by CoinRift’s reputation across the online community, it is safe to say that the customer service does a really good job in providing adequate and timely assistance. At the time of this writing, the platform’s Trustpilot page is full of positive reviews describing the professionalism of the customer support representatives and clients’ overall satisfaction with the platform’s service.
At the time of this writing, there are no reported cases of hacker attacks, security breaches, or governmental investigations, part of ChainRift’s history.