Why should I use Crypto.com DeFi Wallet?
The advantages of using our non-custodial Crypto.com DeFi Wallet
Written by Valery. Updated over a week ago
We've created the Crypto.com DeFi Wallet because we believe that it’s your basic human right to control your money, data, and security. The Crypto.com DeFi Wallet is designed to give you full control and secured custody of your crypto.
With the Crypto.com DeFi Wallet (a non-custodial wallet), you can send crypto to anyone around the world at your preferred confirmation speed and the network fee.
We’re also working hard to bring you decentralized finance offerings through the Crypto.com DeFi Wallet. Stay tuned and watch this space for updates!
Meanwhile, if you’re looking to trade, spend and grow your crypto, the Crypto.com App is still the easiest place to start!
Crypto.com DeFi Wallet is a decentralized wallet, which means you own your private keys. During wallet creation, you will have to write down your recovery phrase which when needed, you will be able to restore your funds. Having private keys means that you have full control over your funds, and you are the only one responsible for your funds.
On the contrary, a custodial wallet is a type of digital wallet which keeps a user’s private keys and provides backup and security for his/her assets. This is what our current Crypto.com App does.
Crypto.com DeFi Wallet (Non-custodial Wallet) | Crypto.com App (Custodial Wallet) | |
Advantages | You have 100% control over your crypto and your private keys. We do not require you to provide your identity so the risk of a data breach is lower. | If crypto transfers are made within the Crypto.com ecosystem, you will not be charged any fees. No major effect if you lose your private keys or recovery phrase, easy to regain access again via our support team. |
Disadvantages | You need to pay a transaction fee as the transactions are on-chain and you have to wait for the transaction to be confirmed. If you lose your recovery phase, you will not be able to access your wallet and crypto. | You need to prove your identity and perform KYC (know your customer, ID verification). Your wallet is not fully decentralized as Crypto.com is the wallet custodian. |
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