Uphold, the global web3 financial platform, today announces bitcoin as the next asset that can be deposited into Vault – an assisted self-custody wallet that strips away the complexities in securing digital assets.
Originally, Vault supported XRP, but this addition transitions Vault into the early stages of being a truly multi-chain assisted self custody wallet.
Vault opens up the ultimate security of self custody to mainstream holders of bitcoin while retaining the convenience of the Uphold centralized trading venue that is one click away. And, with its assisted self custody, Vault allows users to generate a new key should one be lost or compromised. This reduces the risk of irrecoverable fund loss, which has been a major impediment to mainstream adoption of self custody.
“Many of us are familiar with the challenges users face in managing their bitcoin keys and wallets,” said Simon McLoughlin, CEO of Uphold. “As bitcoin ownership expands, the need for enhanced security combined with trading convenience becomes ever-more apparent. Vault introduces a self-custody solution that’s straightforward to use, completely independent of the Uphold app availability and offers a new key generation service to prevent loss of assets.”
The launch of bitcoin ETFs, the news of the halving and the recent increasing value of bitcoin have led many new users to join the Bitcoin community and many more to increase their holdings. All of these assets should enjoy the ultimate security of self custody. But traditionally, self-custodying assets can be challenging – especially for newer crypto users – and if users lose the keys to the self-custody wallet, they lose all of their assets. Vault solves these challenges.
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