Crypto custody often requires one to choose between control and convenience. However, Uphold’s Vault strikes a balance, giving users control with a safety net.
The Uphold Vault is a multi-sig assisted self-custody solution. It offers users full control over their funds with the added benefit of protection against key loss, a common mistake in traditional self-custody setups.
Designed to seamlessly integrate with the Uphold trading platform, Vault allows users a multi-signature system (multi-sig) 2 of 3. This system provides users with two keys (a Vault key and a backup key), while Uphold holds the third to help with recovery and co-signing of transactions.
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What is a crypto wallet? (Explained with animation)
The Vault acts as a bridge between decentralized security and centralized functionality. Users can Quickly move assets between your Vault and Uphold walletensuring continuous access to transactions while maintaining the independence to manage funds independently, even if Uphold’s systems are unavailable.
Who can use the Uphold Vault?
Uphold users can access Vault in supported regions, including US, UK and EEA. However, regulatory restrictions limit availability in some jurisdictions, but for those eligible, Vault is a game-changer.
Unlike many self-custody wallets that exclusively cater to crypto-savvy people, Vault’s user-friendly design makes it suitable for everyone.
While it simplifies the complexities of self-custody, it also provides a safety net that reduces the fear of losing access to funds. With plans to expand its accessibility and key generation options, Uphold’s Vault is positioned as a globally inclusive and versatile tool.
What assets are supported?
At the time of writing, Vault supports bitcoin
btc
$102,001.31
Why use the vault?
The appeal of Uphold’s Vault lies in its unique combination of control and comfort. For cryptocurrency holders, the balance between maintaining full control and benefiting from centralized services often leads to difficult decisions. The Vault eliminates this dilemma.
With Vault, users have full custody of your funds while you enjoy without problems access to the Uphold trading platform and more than 300 supported assets. Transactions between Vault and Uphold are instant, allowing users to take advantage of market opportunities without delays.
Additionally, Uphold’s Vault offers confidence safeguards against key loss. If a user loses one of their keys, the remaining two can regenerate the lost one, guaranteeing uninterrupted access.
Furthermore, it guarantees autonomy. Users can withdraw funds without Uphold’s permission, even during system outages. This ensures that your assets are always under your control.
How to use the vault?
Setting up and using Uphold’s Vault is a simple process designed to suit all levels of cryptocurrency users. Here’s a quick guide:
- Open the Uphold app– Open the Uphold mobile app and navigate to the Vault section.
- Choose subscription: Choose a subscription plan ($4.99/month or $49.99/year). There’s also a 30-day free trial, but note that it’s not currently available in the UK.
- Generate keys: Follow the instructions to generate your Vault key and backup key. Save backup key securely offline.
- Fund your vault: Transfer assets from your Uphold wallet to your Vault. Minimum deposit requirements apply (e.g. 12 XRP or 0.00001 BTC).
You can move assets between your Vault and Uphold wallet as needed for trading or withdrawals. If necessary, use the vault assist tool to independently transfer funds to third-party wallets.
In short, Uphold’s Vault represents a significant step forward in cryptoasset management. It addresses key pain points, such as the risk of losing keys, while offering convenience and security. By combining the certainty of self-custody with the functionality of a centralized exchange, Vault stands out as a solution adapted to modern cryptographic needs.
