Custodial Wallet vs Non-custodial Wallet: Many Of You Might Be Confused Between The Two
For a custodial wallet, a third party takes custody of the private key instead of the crypto owner.
For a non-custodial wallet, the crypto owner holds their own private key and, therefore, their funds.
Generally, custodial wallets are available from crypto exchanges or a custodial wallet provider in the form of a mobile or web app.
This means users must trust the service provider to securely store their tokens and implement strong security measures to prevent unauthorized access.
Non-custodial wallets, however, give users full ownership of their cryptocurrency, making them responsible for safeguarding their own private keys and funds.
Are you interested in developing your own crypto wallet? If so, get in touch with a crypto wallet development company today!