Astra is not a bank and we are not making money by holding your funds. The goal of our application is that by leveraging automation you can make your money work harder for you, which means earning interest by moving it to high-yield accounts. Because of this mission, our product is not registered as a bank and is therefore not covered under FDIC regulations. Please ensure that you are keeping large balances with registered financial institutions and not in your Astra wallet.
Is my money with Astra insured?
Astra facilitates the movement of money into existing accounts, but as a non-bank does not have its own FDIC insurance.
Written by Sam Morgan