Telegram @wallet security - How are funds stored?

2023-03-27 | by Telegram @wallet team

Did you know that crypto wallets fall into one of two categories: custodial and noncustodial? We’ll explain what this means and how @wallet stores your crypto in this post.

All centralized services—e.g., Binance, OKX, and @wallet—are akin to banks. Naturally, you have access to your funds, but so does your financial institution, which acts as an intermediary that guarantees the security of your money.

When you receive crypto to @wallet, your funds are kept in a general wallet where your assets are secured along with those of hundreds of thousands of other users. This kind of crypto storage or wallet is called “custodial.”

If you’ve ever used Tonkeeper, MetaMask, or Trust Wallet, you’re most likely already acquainted with “noncustodial” wallets. Their main advantage is that third parties have zero access to your funds. You are the only person who has full control over your private keys, which provide full access to your funds.

Although storing crypto in a noncustodial wallet is safe, it's less convenient for day-to-day use. For example, transferring crypto between these kinds of wallets incurs network fees on the blockchain.

Moreover, your crypto in your noncustodial wallet is akin to having bank notes in your wallet: If you lose your wallet (or your private keys), you lose everything.

@wallet is a user-friendly and reliable custodial wallet where you can conveniently and securely store your crypto. Users can send USDT to their friends on Telegram at zero cost.

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