- Uphold said in a press release that Vault will make self-storage of cryptocurrencies easier for regular users.
- The wallet combines the on-chain security of full self-custody with the convenience of CeFi applications.
- The wallet has a key replacement feature that allows users to restore access if they lose their private keys.
Uphold has announced the beta launch of its self-custodial wallet called Vault, and the first cryptocurrency supported is Ripple’s XRP.
Uphold launches self-custodial wallet
In an announcement Thursday, the cryptocurrency platform said Vault will be a “self-custodial enabled wallet.” In addition to simplifying the secure storage of digital assets, it also provides users with the convenience of centralized finance (CeFi) and the on-chain security of complete self-custody.
“We want to fundamentally redefine the average person’s right to self-management.Uphold CEO Simon McLoughlin said in a statement:
“To date, no one has offered practical self-custody for the average user. With Vault, we’ve removed the complexity to give users complete control over their assets without sacrificing the benefits of easy trading on a centralized platform.,” he added.
Vault is a multi-signature wallet, meaning users hold two keys for full control of their funds, while Uphold holds another key for co-signing “user-initiated transactions.” The wallet also supports key rotation, a service that allows users to restore access to their wallet if they lose their private keys.
According to Uphold, Vault is available for a $50 annual fee and features instant transactions and the Vault Assist tool. This means that if a user does not have access to the Uphold app, they can move their assets off-chain.
“Vault allows individuals to take ownership and control of their digital assets and explore the emerging world of web3 with autonomy, security and certainty,” said Stephen McNamara, CEO of Uphold Labs.
Vault will support XRP as its initial asset, but the company plans to expand to other chains in 2024. Uphold says it will add Bitcoin (BTC) in the first quarter.