What does non-custodial or self custody mean?
A non-custodial wallet, aka self-custody wallet, is a wallet that allows you to be your own bank. This means you have 100% control of your crypto holdings, as well as access to your wallet (via a private key, which is a combination of letters & numbers which allows you access your wallet). More importantly, it means that we, as the developers of Onboard, cannot access your funds at anytime.
This is the opposite of a custodial wallet, which is commonly used by people just getting into crypto. In a custodial wallet, a third-party (the app or platform owner) owns the private key, which means they have control over your assets. When you send or receive crypto, you are only giving them permission to perform this transaction on your behalf, and trust that they will ensure your funds are protected.
This is the opposite of a custodial wallet, which is commonly used by people just getting into crypto. In a custodial wallet, a third-party (the app or platform owner) owns the private key, which means they have control over your assets. When you send or receive crypto, you are only giving them permission to perform this transaction on your behalf, and trust that they will ensure your funds are protected.
Updated on: 13/04/2023
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