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 an assisted self-custody solution. It offers users full control over their funds with the added benefit of safeguards against key loss – a common pitfall in traditional self-custody setups.
Designed to integrate seamlessly with the Uphold trading platform, the Vault empowers users with a 2-of-3 multi-signature (multi-sig) system. This system provides users with two keys (a Vault key and a Backup key), while Uphold holds the third key to assist with recovery and transaction co-signing.
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The Vault acts as a bridge between decentralized security and centralized functionality. Users can quickly move assets between their Vault and Uphold wallet, ensuring continuous access to trading while retaining the independence to manage funds independently, even if Uphold’s systems are unavailable.
Who Can Use the Uphold Vault?
The Vault is accessible in countries where Uphold operates. The platform serves users in over 150 countries in the regions of the US, UK, EEA, and other jurisdictions.
Luckily, unlike many self-custody wallets that cater exclusively to crypto-savvy individuals, Vault’s user-friendly design makes it suitable for all.
While it simplifies the complexities of self-custody, it also offers a safety net, reducing the fear of losing access to funds. With plans to expand its accessibility and key-generation options, Uphold's Vault positions itself as an inclusive and versatile tool globally.
Which Assets Are Supported?
As of writing, the Vault supports Bitcoin
Why Use the Vault?
The appeal of Uphold's Vault lies in its unique blend of control and convenience. For crypto holders, the trade-off between maintaining complete control and benefiting from centralized services often leads to difficult decisions. The Vault eliminates this dilemma.
With the Vault, users have full custody of their funds while enjoying seamless access to Uphold’s trading platform and over 300 supported assets. Transactions between the Vault and Uphold wallet are instantaneous, allowing users to capitalize on market opportunities without delays.
In addition, Uphold's Vault offers reliable safeguards against key loss. If a user loses one of their keys, the remaining two can regenerate the lost one, ensuring uninterrupted access.
Moreover, it guarantees autonomy. Users can withdraw funds without Uphold’s permission, even during system outages. This ensures that their assets are always under their control.
How to Use the Vault?
Setting up and using the Uphold Vault is a straightforward process designed to accommodate all levels of crypto users. Here’s a quick guide:
- Open the Uphold App: Open the Uphold mobile app and navigate to the Vault section.
- Pick Subscription: Choose a subscription plan ($4.99/month or $49.99/year). There is also a 30-day free trial, but note that it's currently unavailable in the UK.
- Generate Keys: Follow the instructions to generate your Vault key and Backup key. Store the 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 transfer funds independently to third-party wallets.
Summing up, Uphold's Vault represents a significant step forward in crypto asset management. It addresses key pain points like the risk of losing keys while offering convenience and security. By combining the certainty of self-custody with the functionality of a centralized exchange, the Vault stands out as a solution tailored to modern crypto needs.
