‘Assisted Self Custody’ redefines how digital assets are stored and accessed, removing risk and complexity.
- Makes self custody easier and better for the average user
- Combines ultimate security with the convenience of CeFi trading
- Users can move assets without any dependence on Uphold
- If they lose a key, they can initiate a key replacement process
- Similarly, if access to Uphold is lost, they can still fully access their assets
LONDON, Dec. 07, 2023 (GLOBE NEWSWIRE) — Uphold, the global web3 financial platform, today launches Vault in beta, a reimagining of what custody solutions look like for digital assets. Uphold has created Vault, an assisted self-custody wallet, to simplify securing digital assets and give users the best of both worlds: the convenience of centralized financial (CeFi) applications, combined with the security of self-custody.
Today, crypto users often encounter a range of challenges when navigating the world of DeFi, which include complex and intimidating user experiences. This leaves users having to choose between security or convenience when it comes to storing and trading their digital assets.
In the current landscape, options for storing digital assets typically sit at opposite ends of the spectrum. At one end, complete self-custody — storing assets on-chain — empowers users with full control, but risks total loss of assets if a user loses their keys. At the other end, centralized custodians — such as exchanges — provide greater convenience, yet sacrifice the inherent advantages of the trustless and decentralized nature of cryptocurrencies. Vault avoids the trade offs that have been unavoidable until now.
“We want to radically redefine self custody for the average user,” said Simon McLoughlin, CEO of Uphold. “Until now, no one has offered self custody that is practical for the ordinary user. With Vault, we’ve stripped away the complexity to give users full control over their assets, without sacrificing the benefit of easy trading on a centralized platform.”
Five key features differentiate Vault from its competitors.
- Multi-Signature Wallet: The user exclusively controls funds in the Vault, and holds two of three keys, maintaining full control. The key held by Uphold simply co-signs user-initiated transactions on the platform and the key replacement service.
- Key Replacement: Traditionally, if a user loses their private keys, they lose their funds. With Vault, users can initiate a key replacement that will enable them to recover access to their assets.
- Instant Trading: Users can seamlessly move assets to the Uphold platform in one click and execute a trade 24/7.
- Always Accessible: Should the user lose access to the Uphold app for any reason, they can always move their funds directly on-chain via the Vault Assist Tool using their two keys.
- Affordability: At a market price of $50 per year, Vault is affordable for everyone – not solely users with large holdings.
“Cryptographic networks were designed to operate without the need for permissions or intermediaries. Being self-sovereign in our digital interactions is not just a preference; it is a fundamental right,” said Stephen McNamara, CEO of Uphold Labs. “Vault enables individuals to have ownership and control over their digital assets, and navigate the emerging web3 world with autonomy, security and certainty.”
The first digital asset that will be supported on Vault is the XRP token, the native token of the XRP Ledger, a decentralized layer 1 blockchain. Vault will expand to offer additional chains starting with BTC in Q1.
For more information, please visit www.uphold.com/vault.
About Uphold
Ranked #1 in the San Francisco Business Times Fast 100 List, Uphold is committed to making web3 easy. As a web3 financial platform, Uphold serves over 10 million customers in more than 140 countries. It provides businesses and consumers with easy access to digital assets and services. Uphold’s unique “Anything to Anything” interface gives end users seamless access to and between digital assets and national currencies and precious metals. Uniquely, Uphold smart routes orders across 30 trading venues delivering optimal execution and superior liquidity to customers. Uphold never loans out customer assets and is always 100% reserved. The company has pioneered radical transparency and uniquely publishes its assets and liabilities every 30 seconds on a public website (https://uphold.com/en-us/transparency).
Uphold is regulated in the U.S. by FinCen and State regulators; and is registered in the UK and Canada with the FCA and FINTRAC respectively and in Europe with the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania. To learn more about Uphold’s products and services, visit uphold.com.
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