People do care about money and other assets. That is why security issues are of enormous importance to them. Crypto owners are no exception. Thus, security mechanisms play an important role when crypto owners choose a wallet. We at Evercode Lab perceive security concerns are a top priority. That is why we did our best to protect the funds of the users of our noncustodial wallet. Today, we are going to revisit the most important security issues and describe the most relevant advantages of the Everchain White Label Wallet.
Crypto Wallets and Cyber Security
To begin with, crypto crime is a serious problem. It is clearly on the rise. As the ‘Crypto Crime report’ by Chainanalysis says, last year it grew by 79%. What are the most serious threats, if we dive deeper?
First, scams are the main danger! Various scamming schemes made it possible for criminals to steal as much as $7.8 billion in 2021. Thus, your best safeguard in the web3 world is your common wisdom.
At the same time, direct theft should also make you nervous, as crypto criminals still managed to steal $3.2 billion in 2021. Mostly, they steal digital assets from crypto exchanges and their custodial wallets.
However, even if you use your non-custodial hot crypto wallet without caution, you are also taking risks. So now it is the moment to describe all existing types of crypto wallets.
Crypto Wallet Types
There are three types of available crypto wallets:
- Custodial wallets are offered by external third-parties, for example, online stores, crypto exchanges, gambling platforms, etc. While storing your crypto assets there is the most simple, seemingly convenient, and mostly free, it is the most dangerous one.To obtain and use all their functionalities, such as sending, receiving, and exchanging crypto, you effectively entrust them to the owner of the custodial wallet. These owners can do whatever they want with your coins, at any moment of time.
- Cold wallets are pieces of hardware enabling you to store your crypto totally offline. While in this case your funds are safe, you cannot instantly use your digital assets. Thus, you have to deal with numerous inconveniences and cannot react quickly. The so-called paper wallets have similar disadvantages. More than that, using cold wallets and paper wallets puts you at risk of losing them.
- Non-custodial hot wallets are apps you can use to store and use your crypto assets online. While they are the most convenient type, there is a threat of being hacked. So you need to choose a non-custodial wallet with as many protection mechanisms as possible.
Everchain White Label Wallet Protection Mechanisms
If your business needs a top-rated crypto wallet solution, you definitely need to take a closer look at the Everchain White Label wallet. To protect your funds, it offers such reliable mechanisms as:
- Double bottom
- Mnemonic phase
- Face ID & Touch ID
- Capability to restore wallets and generate new addresses for each transaction
- And much more
Contact us to safely manage your digital assets with Evercode’s White Label Crypto solution!