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Self-Custody Wallets are Thriving as Counterparty Risk Highlights Need to ‘Be Your Own Bank’

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As longstanding flaws in the existing banking system continue to be exposed, investors from around the world are continually looking decrease their exposure to counterparty risk wherever possible.  The idea of this is one on which Bitcoin (BTC) was originally founded and underscores the oft repeated phrase to ‘be your own bank'.

With this being the case, wallets tailor built for digital assets are thriving; from a transition towards self-custody, expanded functionality, to capital raises and more, the following are a few recent developments highlighting this.

UpHODL Opens Waitlist

Jumping on the trend of self-custody, popular digital asset exchange Uphold has officially opened its waitlist for its upcoming wallet titled ‘UpHODL'.  The wallet is described as offering,

  • Multi-chain support
  • In-wallet purchasing
  • DeFi integration w/ free trading

Most importantly, the wallet will offer self-custody.  Meaning you will be in charge of your funds at all times, isolated from any counterparty risk.

While this wallet has yet to officially launch, Uphold has a history of offering reliable and flexible services through easy to use interfaces.  With already existing integrations in to popular browsers like Brave, this pending wallet stands to make Uphold an even more appealing service.

Mutiny Wallet Completes Pre-Seed Raise

Continuing with the trend of self-custody, Mutiny Wallet also boasts an emphasis on privacy – something sorely lacking in todays digital world – and Bitcoin (BTC) in particular.

In a recent announcement, Mutiny indicated that it was able to successfully raise over $300K in a pre-seed funding round.  The company states,

“We want to build a daily spending wallet for highly discerning cypherpunk bitcoiners and their newcoiner friends who are just starting down the rabbit hole. We believe bitcoiner best practices are best practices, and we want to bring the absolute best user experience and technology to enable users to use bitcoin the right way and for the long term, rather than cut corners for a quick win.”

For Mutiny, this means offering advanced features like routing nodes, Coinjoin, and more, but in an accessible and easy to use interface.

Trust Wallet Expands On/Off Ramps through MoonPay

Despite many crypto-offramp options still existing, there have been fears of late surrounding their demise with the collapse of various U.S. banks.  In a move which should alleviate this stressor for its 60 million+ customers, reports indicate that popular self-custody wallet ‘Trust Wallet‘ has struck a partnership with MoonPay and Ramp Network.

By working together, Trust Wallet users will now be able to leverage the services which allow for converting crypto to FIAT directly within its app.  This is an important feature, as it removes the need for users to transfer funds to a third party (typically a centralized exchange) and expose oneself to unnecessary risk along the way.

KuCoin Wallet Rebrands to ‘Halo Wallet'

The KuCoin Wallet is officially no more, with it being rebranded to the now independent ‘Halo Wallet'.  The exchange notes that this move was taken as it looks to expand, “…to the broader SocialFi ecosystem as Halo Wallet leads the next wave of industry development and focuses on recruiting top talents in the Web3 space,”.

Interestingly, upon announcing Halo Wallet, it was noted that, in time, governance of the platform will transition into a decentralized autonomous organization (DAO).  Jeff Haul, Head of Halo Wallet elaborated on this, stating,

“Decentralized wallets are the most important user portal for Web3. The rebranded Halo Wallet provides enriched social functions, helps users shape their social identity in a comprehensive manner, enables the discovery of high-quality information and opportunities from social networks, and enables users to enjoy the benefits of Web3.”

This transition towards operating as a DAO is a step that has been taken by various industry players over the past few years, with examples like ShapeShift being particularly notable.

TBD Identity Wallet is Hiring

While Block may have been on the receiving end of some bad-press in recent weeks, this has not stopped its stable of high-potential companies from developing anticipated products like TBD and its ‘Identity Wallet'.  In fact, the company has just posted a job listing looking for a product manager to oversee its development.

Naturally, the job – which pays up to ~$300,000USD right out of the gates – requires extensive experience for the role which will entail developing an “…end-to-end product strategy and execution from 0-1 to scaling”, among a long list of other responsibilities.

Ledger Flush with Capital

Finally, there is the popular hardware wallet manufacturer, Ledger.  Closing out its extended Series-C funding round, the company indicates that it was able to generate and additional $109M worth of fresh capital.

In a statement by Ledger CEO, Pascal Gauthier, he indicates that the funding is earmarked for the continued development and manufacturing of a new generation of hardware built for a future in which crypto is used everyday.  This hardware is known as ‘Ledger Stax', and was designed to transcend modern smartphones and laptops, “…built to produce and share content in a centralized Internet of Information, not to own and trade assets in a decentralized Internet of Value,”.

In time, Ledger boasts that its products will support comprehensive management capabilities for digital assets, data, stocks, and more.

Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology.