Uphold, a crypto platform, has announced the beta launch of its self-custody wallet called Vault. This wallet aims to simplify the secure storage of digital assets while offering users the convenience of centralized financial applications and the on-chain security of complete self-custody. Uphold CEO, Simon McLoughlin, stated that the goal is to redefine self-custody for the average user by providing full control over assets without sacrificing easy trading on a centralized platform.
Vault is a multi-signature wallet where users hold two of the keys, maintaining full control of their funds, while Uphold holds the other key to co-sign user-initiated transactions. The wallet also features a key replacement service that allows users to recover access to their wallets if they lose their private keys. Initially, Vault will support Ripple’s XRP, but Uphold plans to expand to other chains in 2024, with Bitcoin being added in the first quarter.
According to Uphold, Vault will be available for a fee of $50 per year and will offer instant trading and a Vault Assist Tool, which allows users to move their assets on-chain if they lose access to the Uphold app. Stephen McNamara, CEO of Uphold Labs, emphasized that Vault enables individuals to have ownership and control over their digital assets, providing autonomy, security, and certainty in the emerging web3 world.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Stephen McNamara, Simon McLoughlin |
| Companies | Uphold |
| Currencies | XRP |
| Securities | None |
