Hot wallets are now available in the Quppy Wallet app
How Quppy brings together centralized and decentralized solution for a unique financial experience of every user
What is a hot crypto wallet?
A hot or so-called custodial wallet is a crypto wallet where the private keys are controlled by a third party. It is comparable to how traditional banks control funds of their clients kept on their personal accounts. The custodial wallet structure essentially follows the same rules. The same mechanism of funds and personal information control is applied to the custodial exchanges and exchange services that can be connected to crypto wallets or exist independently. Among the most popular custodial exchanges are Binance, Coinbase, Kucoin, Gemini, Okex, Bitstamp, Crypto.com, etc. These exchange services are also close to traditional banking services flows as these exchanges rely on cryptocurrency funds of their customers while providing these funds to crypto loan services fully controlled by smart contracts.
Thus, custodial wallets functionality implies third party controlling user private keys as far as user funds. This means that the custodial system is much more vulnerable to hacker attacks as all the access data and the transactional volume are stored in one place and become easier to get stolen.
Among the custodial wallet advantages are, of course, easy and fast access to services provided, user-friendly interface, one-place storage, and instant transaction completion. Most of the custodial services offer their clients low fees as far as a large number of tokens and currencies support together with a possibility to process the funds outside the initial service.
Hot wallets at Quppy: more services, better customer experience
Quppy has integrated the support of hot wallets into the Quppy Wallet application. Having supported cold wallets only for a hundred percent secure storage of clients’ funds and personal data, Quppy now offers instant transactions in cypto between hot wallets. Hot wallets that clients can now open in the Quppy Wallet app also support payments in crypto and will soon be connected to debit card through top-ups.
Thus, Quppy Wallet becomes one of a very few services that combines hot and cold wallets alongside with traditional fiat account bringing together all the necessary functions with crypto and traditional money for an everyday use.