Uphold introduces a new self-storage wallet called Vault, which will initially support the Ripple (XRP) token and provide users with the ability to safeguard their private keys.
The company announced that previously, the loss of private keys meant permanently losing access to one's assets. According to Uphold, with Vault, users "will be able to initiate a key replacement process, allowing them to regain access to their assets." Uphold's primary goal with Vault is to provide "the convenience of centralized financial (CeFi) applications... combined with the security of self-storage."
Uphold is introducing the beta version of Vault with plans for full deployment in early 2024. Additionally, Uphold plans to add support for Bitcoins in the first quarter of the next year.
Founded in 2015, Uphold serves over 10 million customers from more than 140 countries. The statement notes that in the United States, the company is regulated by FinCen and state regulators. Uphold deals with over 200 types of currencies, cryptocurrencies, and fiat currencies, and claims to have processed transactions totaling over $4 billion.
Considering that cyberattacks continue to pose a threat, and trust in centralized exchanges has diminished following the collapse of FTX, the security and protection of digital assets remain a key concern. The storage protocol on the Safe network (formerly Gnosis Safe) has also announced collaboration with the group of digital asset banks Sygnum and recovery service provider Coincover to launch an additional cryptocurrency recovery service for users.
