Self-Custody with the StrikeX Wallet — the future of personal finance.
‘Self-Custody’, ‘non-custodial’, and ‘your keys your crypto’. These are terms you will have noticed being increasingly utilised throughout the media in recent weeks following the collapse of the centralised Cryptocurrency exchange, FTX. But what do they mean, and why are they important to you — the end user?
By its very nature, Cryptocurrency is decentralised, and the underlying technology offers an immutable, transparent, and secure framework on which to build the next generation of financial products. Despite this, most Cryptocurrency wealth is still being held on centralised exchanges — where security and transparency are only as good as the people running them.
When you hold your assets on a centralised exchange, you do so in good faith that those funds remain on the platform, and you, as the rightful owner, will have access to them whenever you wish. Sadly, this is not always the case. Customer withdrawals are often suspended when centralised Cryptocurrency exchanges face a liquidity crunch, leaving the user powerless and unable to access their assets. Should the exchange collapse, such as in the case of FTX, users’ funds are lost — with little to no process to recover them.
The ‘StrikeX | DeFi Crypto Wallet’ and other non-custodial crypto-asset wallets provide the solution.
The future of personal finance lies with self-custody — by placing you, the user, in complete control and removing the necessity of putting your trust in a third party. Non-custodial wallets achieve this by providing you with a set of private keys, often in the form of a ‘seed phrase’ — acting as a mnemonic password that gives you, and only you, access to the content of the wallet. Your keys, your crypto.
Far from being the nail in the coffin for centralised Cryptocurrency exchanges, recent events have highlighted the mismanagement of some of the market's key players, while simultaneously highlighting the necessity for innovation in the space.
At StrikeX, we understand that the seamless integration of self-custody measures within centralised exchanges can vastly improve customer experience and offer otherwise unavailable user protection. StrikeX’s centralised exchange, TradeStrike, will pioneer the use of self-custody solutions by integrating access to the StrikeX | DeFi Crypto Wallet, affording users access to the best that both CeFi and DeFi have to offer.
Given the current climate, it would be prudent for any Crypto-asset holder to explore using non-custodial wallets. Relying on the highly encrypted decentralised framework of the blockchain to store your wealth is proving to be the most secure way to hold your assets.
