Custodial Wallets
Last updated
Last updated
Users who access applications running on the blockchain often use crypto wallets to interact with it. Through these wallets, users can keep custody of their assets, view their balance, and interact with smart contracts, among other things.
This task of creating, configuring, and maintaining the security of a wallet can be very unintuitive for new users and carries many risks, especially when it comes to custody and security.
To provide better accessibility and security for our users, we have developed a custodial wallet service.
Disclaimer:
No employee, partner or related party has full access to the keys and/or passwords used by AmFi Platform systems to communicate with the blockchain.
These keys are used exclusively by the system when it performs automated functions and they are protected by multiple layers of encryption.
Each key is encrypted with passwords from three different sources and then split into pieces that are stored in topologically isolated infrastructures with disk encryption.
The investor goes through a KYC check and a user is created for them on the platform;
If the user already has an Ethereum-compatible browser wallet (such as MetaMask):
this wallet will be associated with the user and will be used for login and for all operations related to blockchain transactions, like any Web3 application.
If the user does not provide a wallet address:
we create a custodial wallet for them;
they receive an email with a link to create a password;
the user can deposit funds on our platform and invest in the pool without knowing anything about MetaMask, seed phrase or the like by simply logging into the platform with an email address and password.
In practice, users of our custodial wallet service do not even realize that they are interacting with an application that uses the blockchain. They do not need to know anything about the blockchain, smart contracts, and other features to use our application through our custodial wallet service.
