- Vault will make self-custody of crypto easier for the average user, Uphold said in a press release.
- The wallet combines on-chain security of complete self-custody with the convenience of CeFi applications.
- The wallet has a key replacement feature that allows users to recover access if they lose private keys.
Uphold has announced the beta launch of a self-custody wallet dubbed Vault, with the first cryptocurrency supported being Ripple’s XRP.
Uphold launches self-custody wallet
In an announcement on Thursday, the crypto platform said Vault will be an “assisted self-custody wallet.” Other than simplifying the secure storage of digital assets, will offer users the convenience of centralised financial (CeFi) and on-chain security of complete self-custody.
“We want to radically redefine self-custody for the average user,” Uphold CEO Simon McLoughlin said in a statement.
“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,” he added.
Vault is a multi-signature wallet, with the user holding two of the keys to maintain full control of their funds, while Uphold holds the other key to co-sign “user-initiated transactions.” The wallet also supports key replacement, a service that allows users to recover access to their wallets if they lose their private keys.
According to Uphold, Vault will be available at a fee of $50 per year and feature instant trading and Vault Assist Tool – which would mean a user can move their assets on-chain if they lose access to their Uphold app.
“Vault enables individuals to have ownership and control over their digital assets, and navigate the emerging web3 world with autonomy, security and certainty,” Stephen McNamara, CEO of Uphold Labs, noted.
While Vault is set to support XRP as the initial asset, the company plans to expand to other chains in 2024. Uphold says it will add Bitcoin (BTC) in the first quarter.
