Uphold has announced the beta launch of a self-custody wallet called Vault. The first cryptocurrency to be supported was Ripple’s XRP, with the goal of radically redefining self-custody for the average user.
Vault is a good example of an assisted self-custody wallet, combining the convenience of a centralised financial system (CeFi) with the on-chain security of complete self-custody. It has two keys that allow the user to control their money, with Uphold holding the other key for co-signing user-initiated transactions. The wallet also features a replacement key feature, allowing users to regain access to their wallets if they lose their private keys.
Instant trading will be available for $50 per year, and the company will be adding Bitcoin (BTC) in the first quarter of 2021. Uphold plans to support other chains by 2024.
CEO of Uphold Labs, Stephen McNamara, commented, “Vault enables individuals to have ownership and control over their digital assets, and navigate the emerging web3 world with autonomy, security and certainty.”
The average user will now be able to self-manage their crypto, with the convenience of CeFi applications and the security of on-chain solutions.
