Selecting fundamental projects, performing risk assessment, and portfolio diversification won’t necessarily offset the risks associated with your crypto investments. They only make one crucial part of securing your assets.
The other crucial measure to secure your digital investment is to choose a secure wallet, and it applies to both investors and traders. Your crypto assets will remain safe as long as your private keys don’t fall into the wrong hands.
The Need to Use a Secure Crypto Wallet
The crypto industry now has more than 200 million users and a market capitalization of over $2.5 trillion.
Anyone with an internet connection in any corner of the world can access and use cryptocurrencies. Sadly, very few truly understand the workings of the crypto ecosystem, making them susceptible to various hacks and thefts.
Most users are not well informed about the risks that come with entrusting their funds to an exchange. As a result, hackers aggressively target exchange wallets.
Even if they are password protected or linked to an email address, or use 2FA , there is still a possibility of hackers gaining access to those components. Besides, the ultimate control of these wallets and their funds lie with exchanges, not with the owners of the wallets.
So, which wallet offers the most secure solution while still providing a seamless user experience? Non-custodial wallets such as Metamask are commonly used by most users for better security and ownership of their assets.
But these wallets use a browser extension to store user information, and they mostly only accept ERC-20 tokens.
So, can it be a hardware wallet? Sure, it can be, but hardware wallets are not efficient when interacting with DeFI protocols and dApps. They significantly restrict your access to the online space, making them very inefficient.
Coinovy: The Ultimate Cryptocurrency Wallet
Coinovy is an all-in-one crypto wallet that aims to democratize access to the world of decentralization in the most secure way possible. The digital wallet platform has multiple currencies (more than 19) approved, making it easier for users to track and store all their assets in one place without any fear.
While the Coinovy wallet simplifies all complicated procedures and provides superior convenience to the user, it also holds the upper hand in terms of security.
Coinovy partnered with BITGO, a digital asset security pioneer with over $40 billion in assets under custody, to ensure safety to all user wallets and their funds. As BitGo uses multi-signature security and protocols, it adds more policy layers of security and eliminates a single point of failure for Coinovy wallets. Funds are also insured by BitGo’s Digital Asset insurance of $100 million.
According to the official website, the interoperable bridge between Binance Smart Chain and Ethereum makes Coinovy a more reliable and versatile transaction platform.
Users can choose between the BSC and Ethereum blockchain networks and perform cross-border transactions using their phone number or unique wallet address. Further, Coinovy also offers a worldwide cash-out feature, making it one of the most accessible crypto wallets in the market.
To add more utility value to the wallets, Coinovy has joined hands with the major payment service providers VISA and Apple Pay. The Crypto-to-Fiat (C2F) conversion is now streamlined, and it helps users effortlessly buy real-world items using their Coinovy wallet. This proves Coinovy not only secures your investments but also provides an interoperable wallet.
For anything connected to the internet, security will always be a concern. And cryptocurrency investments are no exception. New users will need a trustworthy wallet like Coinovy that simplifies the trading of crypto tokens and protects them from those trying to steal users’ funds.
Coinovy’s user-oriented features combined with Bitgo’s military-grade security and a high insurance policy — could remove entry barriers and help lead to mainstream crypto adoption.