Entrepreneur Vinay Chandra Lal is All Set to Launch Vipay Wallet!
Vipay Wallet is a crypto wallet designed for everyday use.
New Delhi (India), March 28: The recent collapse of the popular cryptocurrency exchange FTX has served as a harsh reminder of the importance of self-custody when it comes to managing one's digital assets. For those unfamiliar, FTX was a highly-regarded crypto exchange that has seen an explosive rise in popularity over the past few years. However, in late 2022, FTX faced a meteoric collapse, resulting in the complete loss of funds for many of its users.
The collapse of FTX has raised many questions on the safety and security of digital assets when they are held by centralized third-party organizations like crypto exchanges. The truth is that even the most reputable and well-established exchanges can be vulnerable to hacking, mismanagement, or other unforeseen circumstances. This is where self-custody comes in, self-custody wallets like Vipay are changing the wallet security game for everyone in the crypto space.
What are Self-custody wallets? And how are they different from exchange wallets?
Self-custody refers to the act of holding and managing one's own private keys, which grant access to one's digital assets. By holding one's own private keys, individuals have full control over their assets and are responsible for their own security. This is in contrast to entrusting one's assets to a centralized organization like an exchange, which may offer a convenient and user-friendly interface, but also poses additional risks like in the FTX case.
An exchange wallet is a wallet provided by a cryptocurrency exchange to its users. These wallets are typically used to store, send, and receive the cryptocurrencies that are supported by the exchange. They are considered less secure than personal wallets, as the exchange may be vulnerable to hacking, and the user does not have full control over the private keys.
5 Ways Self-custody wallets like Vipay Wallet can change the game
- By increasing security - By holding the private keys, the user has full control over their funds and can secure them with their own personal protections such as a PIN or passphrase, making them less vulnerable to hacking or theft.
- They provide privacy - Personal wallets are not connected to the internet, so the user's transaction history and balance are not visible to anyone else.
- They promote sovereignty - By holding the private keys, the user has full control over their funds and can make transactions without the approval or the intervention of a third party.
- They are more transparent - Personal wallets allow the user to have a clear and transparent view of their transaction history and balance, which can be useful for tax or accounting purposes.
- They are decentralized - Personal wallets like Vipay align with the decentralized philosophy of cryptocurrencies, which aims to give individuals control over their own funds and remove the need for intermediaries.
Vipay Wallet is a crypto wallet designed for everyday use. With a focus on user-friendliness, the wallet simplifies the process of sending, receiving, and paying with cryptocurrencies. It is a multi-chain wallet that supports multiple languages, ensuring that users can easily navigate and manage their digital assets. With Vipay Wallet you can keep your crypto in self-custody and perform transactions with ease, making it a safe and easy way to manage your crypto investments.
In the wake of the FTX collapse, it's clear that self-custody is becoming increasingly important for those who wish to hold and manage their digital assets. While it may require a bit more effort and technical know-how, the benefits of self-custody wallets like Vipay far outweigh the convenience of entrusting one's assets to a centralized third-party organization.
The Founder & CEO of Vipay wallet “Vinay Chandra Lal” is a young serial entrepreneur. He is born in Kaimur, Bihar, India, and completed his college at Banaras Hindu University. Vinay Chandra Lal says “ Despite the abundance of cryptocurrency wallets available, it can still be challenging for the average person to grasp the concepts of ERC20, TRC20, or BEP20 networks. We have created Vipay Wallet intending to make it simple and easy for everyday people to securely store and manage
their cryptocurrencies. With a focus on user-friendliness, the Vipay Wallet is designed to simplify the process of sending and receiving digital assets and is built with advanced features to ensure maximum safety. Our vision is to empower more people to take control of their cryptocurrency investments and keep them in self-custody”
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