Uphold launches self-sustaining wallet with initial support for XRP
Vault makes crypto self-maintenance easy for the average user, Uphold said in a press release. The wallet combines on-chain security with the convenience of fully self-contained and secure applications. Wallet has a key replacement feature that allows users to regain access if they lose their private keys.
Uphold has announced the beta launch of a self-sustaining wallet dubbed Vault, the first cryptocurrency to be backed by Ripple's XRP.
Uphold launches a self-sustaining wallet
In an announcement on Thursday, it said that crypto platform Vault will be an “assisted self-sustaining wallet.” In addition to simplifying the secure storage of digital assets, it provides users with the convenience of centralized finance (CeFi) and complete on-chain self-protection.
“We want to redefine self-management for the average user,” Uphold CEO Simon McLoughlin said in a statement.
“Until now, no one has offered self-management that's useful for the average user. With Vault, we've removed the complexity to give users full control over their assets, without sacrificing the ease of trading on a centralized platform.”
Vault is a multi-signature wallet, where the user holds two of the keys to fully control their funds, while Uphold holds the other key to co-sign “user-initiated transactions”. The wallet supports key replacement which allows users to access their wallet if they lose their private keys.
According to Uphold, Vault is available for a $50-a-year fee and offers instant transactions and a Vault Assistant tool — meaning users can move their assets on-chain if they lose access to their Uphold app.
“Vault empowers individuals to take ownership and control over their digital assets and navigate the emerging Web3 world with autonomy, security and certainty,” said Stephen McNamara, CEO of Uphold Labs.
While Vault is set to support XRP as its first asset, the company plans to expand to other chains in 2024. Uphold claims to increase Bitcoin (BTC) in the first quarter.
