Crypto.com Wallet: Giving Users Full Control of Crypto and Earn Interest with DeFi

Wallet Reviews / 05.09.2020

Crypto wallets are like bank accounts; they help you monitor your balance and make transactions. Therefore, choosing the right wallet has far-reaching implications because your digital assets are concerned. The most pragmatic and practical reasons when choosing a wallet surround their usability and security. Keeping your funds secure and the ease of use of a crypto wallet are crucial factors to consider.

Additionally, every crypto enthusiast must realize that these wallets don’t actually “store” the crypto. They only act as an interface for you to communicate with the blockchain- where the funds are stored. So other factors come into play regarding crypto wallet choices like their reputation, cost, convenience, and anonymity level. It might sound like a lot of information to keep track of, but fortunately, Crypto.com has come to the rescue. The company is coming up with advanced and innovative technologies that help people benefit from crypto’s power. Among its best inventions is the Crypto.com Defi Wallet.

The wallet is the best place for crypto enthusiasts to store cryptocurrencies. Crypto.com Defi Wallet currently supports BTC, ETH, LTC, CRO, XLM, XRP, Defi tokens like BAT, Make, Dai, KNC, and many other ERC 20 tokens. The wallet is designed for ease of use by any level of crypto user from beginner to expert. You can send cryptocurrencies anywhere on the globe. Moreover, the wallet possesses some features that ultimately makes it tower over its peers.

Wallet Features

Decentralized

The Crypto.com blockchain is the hub for the Crypto.com Defi Wallet. Therefore, the wallet runs on a decentralized platform that allows users to control their private keys and assets. Users can freely send and receive cryptocurrencies on the blockchain. Moreover, the platform is introducing DeFi options to provide completely decentralized trades.

When setting up a new wallet, there are 12 recovery phrases that users need to write down and keep it safe. The 12 recovery phrases are essentially a human-readable form of your encrypted crypto wallets’ private keys. Every crypto wallet you create or own has its own private key, imagine the private key as your online banking password, and each crypto wallet (account) has a different private key (password) that allows you to access the funds. 

Wallet Security

The Crypto.com wallet is the most secure of all the wallets in the crypto space. The private keys are encrypted and protected by three different security protocols.

2 Factor Authentication

2FA is a protection mechanism where an individual has to provide two different patterns to prove their identification. That is quite different from single-factor authentication, where an individual only needs one password to prove their ownership.

In 2FA, mostly, the person first has to provide password identification, then later biometric authentication. Breaking past both security protocols is nearly impossible; thus, it guarantees users of their assets’ safety.

Biometric Authentications

Biometric authentications are security functions that rely on the unique body features of an individual. Included in the features are fingerprints, facial recognition. 

The technology compares the current input to the one recognized by the system. Using biometric security is one of the most robust security authentication techniques since providing a fake is nearly impossible. 

CRO DeFi Earn

Crypto.com Defi Wallet provides users a window to tap into the rapidly growing DeFi (decentralized finance). Their new CRO DeFi Earn function allows users to stake CRO flexibly and earn up to 5% p.a. They can also withdraw their funds anytime and not be tied down.

Flexibility

The wallet is the most flexible way to send crypto. A user can choose between a range of speeds and gas fees they are willing to pay to complete transactions. That includes average, fast, and super-fast, depending on their urgency and need.

Convenience

The wallet has made it easy to enjoy other services of the Crypto.com platform. It’s easy for anyone to connect the Crypto.com Defi Wallet to the main Crypto.com App. It has a simple interface and supports up to 14 display fiat currencies.

To link the Crypto.com Defi Wallet to the App, first go to the wallet’s settings and select the option ‘connect to crypto.com app. Afterward, the individual acknowledges all disclaimers, adds the crypto.com app email, and authorizes the reverted email. They will finally receive a ‘connection success’ notification and start enjoying the services.

The process of owning a Crypto.com Defi Wallet account is also easy for everyone. Here’s what you need to do. 

  • Download the App from either the App Store or the Google Play Store
  • Select the creation method; either a new account or import an existing wallet
  • Accept legal terms and add a six-digit passcode, plus biometric and 2FA authentications.
  • Backup the phrase
  • Return to the home screen, and you can start trading.

The ease of creating the account and merging other services makes the Crypto.com Defi Wallet one of the most convenient in the crypto space.

Distinguishing Between Crypto.com Defi Wallet and Custodial Wallets

Crypto.com Defi Wallet is a non-custodial wallet. A non-custodial wallet is a decentralized wallet where the user owns its private keys. There is no need to prove one’s identity in the wallet, which lowers data breach risks. The individual has full control and responsibility for their funds. The lack of a third party makes Crypto.com transactions faster than other wallets. However, non-custodial wallets require a small fee since transactions go through a chain.

On the other hand, a custodial wallet has a central authority that keeps private keys on behalf of the users. The authority manages the users’ private keys and gives backup and security to individuals’ crypto assets. 

The downside to the custodial wallet is that individuals need to prove their identity and perform KYC verification. Moreover, the custody of the wallet private keys means the platform is not entirely decentralized. Custodial wallets control the flow of coins and even give alternatives to the best ways to store crypto.

Bottomline

The Crypto.com Defi Wallet introduction aims to decentralize crypto asset management and leave private keys’ responsibility to the owners. That means that the account/wallet owner will enjoy their assets’ full benefits without third party interruptions. 

Crypto.com wallet’s security is state of the art, especially with the three security features dubbed 2FA, biometric identification, and secure enclave. The three features bolster the safety of assets and exchanges in the wallet. Users of the platform can complete local and international transactions at their choice speed, thus enhancing flexibility. This is a wallet that covers all the requirements for optimum user experience. For all secure, decentralized, and flexible crypto transactions, use the Crypto.com Defi Wallet.

avatar
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.