Like traditional finance, handling cryptocurrency is ultimately about making, using, and keeping money. When it comes to your funds in crypto, you need to know and sensibly decide how and who gets to keep it for you.
With the rise of decentralized applications, DeFi and web3, cryptocurrency custody has attained more importance. This is because how you store your digital funds directly affects how you interact with the many blockchain applications that exist on numerous decentralized networks and demand your attention.
Meanwhile, unlike traditional bank accounts that are mostly confined to legal borders, your cryptocurrencies can be accessed from virtually anywhere in the world. And if you can store these assets in a self-custodial wallet, you can be said to have gained control of your crypto assets. Therefore, you can use them as you see fit.
So, what is a self-custodial wallet and how do you benefit from using one? Here, we explore this topic and explain how Trust Wallet is arguably the best self-custodial wallet out there.
The concept of self-custodial wallets is self-evident. The concept is rooted in two complementary definitions: self-custodial and wallet. The idea of something as self-custodial refers to that thing having full control of its own belongings. Within the cryptocurrency context, self-custodial is having complete control of your crypto assets, kind of like being the manager of the bank in charge of your money.
Wallet, of course, means wallet. Therefore, a self-custodial wallet is a digital ‘purse’ where you can keep your crypto assets. Obviously, unless you are a genius developer and succeeded in creating a software application that serves as a crypto wallet, you would still need to rely on third-party developers to provide self-custodial wallets. In this sense, you are sort of renting the application and turning it into a wallet that you can use for the safekeeping of your cryptocurrency.
There are many popular self-custodial wallets around. Some of these only function as normal wallets or bank accounts, and therefore have no other value. Others are more wide-ranging in their application and might even directly increase the odds of your realizing more returns on your crypto assets.
Self-custodial wallets typically value the security of user assets above characteristics such as transaction speed, cost of custodial service, and options for asset withdrawal. Thus, it is normal for these crypto wallets to isolate their operations from the mainstream networks. This way, they can avoid potential attacks from hackers targeting mainstream blockchain networks. But Trust Wallet is different. Despite its popularity, it runs as a bridge across many blockchain networks. As a result, you can add tokens and other crypto assets belonging to more than 60 different blockchain networks to Trust Wallet.
The primary benefit of Trust Wallet’s extensive support of multiple blockchain networks and crypto assets is that you can store all your crypto assets in it, regardless of whether they are tokens from chain A or chain B. This helps you better organize your portfolio and keep track of all your assets inside one digital pocket.
One of the reasons that Trust Wallet is able to retain its versatile quality in the face of network breaches is that its security framework is enough to counter the majority of attacks. If you are like the majority of crypto traders, then securing your virtual assets is a priority. Trust Wallet understands this, so its developers created a simple but innovative system to ensure that your self-custodial wallet is safe and secure. This system ensures that you only gain access to your Trust Wallet via a private key. The key, which takes the form of a 64-bit string of characters, is unique and belongs to you and you alone.
Trust Wallet’s pricing structure is another element of its peculiarity. It is essentially free to use. In other words, you don’t have to pay anything as transaction fees for using Trust Wallet. Of course, this does not mean that Trust Wallet is responsible for footing the bills of your transactions. No, you would still need to settle the cost of using a blockchain network. So, if you are buying or selling a set amount of tokens on a blockchain Z, you would still need to pay the associated gas fees. So, the fees you pay go to the blockchain, not Trust Wallet. Therefore, once again, Trust Wallet does not charge users for its self-custodial service.
Reinforcing its multi-coin and multi-chain support system, Trust Wallet also supports DApps (decentralized apps) and NFTs (non-fungible tokens). Using the wallet consequently enables you to use and interact with different components of the decentralized crypto model. As a result, for every application that runs on this model, Trust Wallet is useful. This means that Trust Wallet offers you options to use finance-related applications that draw on smart contracts to make business deals and investments, thereby boosting the efficiency of your crypto trading/investment portfolio.
Just as important as its safekeeping options for your crypto assets, Trust Wallet also doubles as a means to enable you to interact with the crypto market. From within the Trust Wallet app, you can stake, trade, invest, and monitor the cryptos supported by the wallet. You can also engage tokens that are available for any kind of crypto transaction on every blockchain network that is supported by Trust Wallet. Moreover, because Trust Wallet is available on virtually every mobile operating system, you can download the app from Google PlayStore, Apple Store, and manage your crypto portfolio from there. Thus, you can use Trust Wallet as an all-in-all application to store, trade, and invest your crypto assets.
So, compared to many other crypto wallets, self-custodial wallets like Trust Wallet enable users to have total control over crypto assets. In terms of security, service cost, multiplicity of function, and integration with blockchain networks and DeFi applications, Trust Wallet tops the list of these self-custodial wallets.
Kyrrex is monitoring the situation in Ukraine, providing assistance to citizens, volunteers, and public organizations.
This time, we sent raised funds for the Mykolaiv Regional State Administration and the Ukraine Security Service in the Lviv region. We believe that these donations will provide humanitarian support for people in areas and contribute to local budgets.
Cryptocurrencies are turning out to be a definitive characteristic of the 21st Century. Similar to the evolution of electric cars and smart technologies, the underlying blockchain principle has solidified the place of this digital finance system in history. Thus, the march of progress in all things crypto is changing from a brisk walk to a dash. And as the narrative changes in favor of decentralized digital financial systems, Kyrrex appears as the first crypto-fiat bank.
The Kyrrex engine evolved from a determined purpose to sort out some of the still-existing gaps in the crypto industry. As a centralized exchange platform, Kyrrex’s driving objective is to provide users with the opportunities and needed digital infrastructure to slide into the backseat of the crypto sedan without throwing away the old ledger of handwritten or Excel-driven ledger accounting.
As the first crypto bank, Kyrrex takes the initiative of financial inclusivity to a whole new level. Its lineup of integrative features, for example, the liquidity hub, implement the core tenets of the Satoshi Nakamoto principle. These include autonomous economics, investment adventures that are unhindered by geographical space, and avenues for wealth building that are legal, recognized by peers from different parts of the world, and primarily managed by the person rather than a traditional banking institution.
So, as the first crypto-fiat bank, Kyrrex’s mandate is genuine and also original. The user (who is an ordinary person, a newbie to the crypto industry, an expert trader or investor, etc.) is the center of the revolution. The architecture of the exchange platform is such that this user, some of whose assets are still in fiat, has all of their questions answered and the world of crypto assets opened to them.
In this article, we highlight the peculiarities of the Kyrrex crypto exchange platform. First, we underline the gaps in the traditional and crypto accounting industry, then present the attributes of Kyrrex as the first crypto-fiat bank. Lastly, the article touches on the platform’s prospects for the future.
This in-depth guide explains the intricacies of token airdrops so you can get free tokens from DeFi projects
Airdrops are a common way for crypto projects to grow in popularity and reward dedicated users and supporters. A crypto drop disburses the project's tokens to users who meet certain eligibility conditions.
These eligibility requirements vary and can be based on social engagement, transactions made, or longevity of interaction with the platform.
The best airdrops come from bridges, ZK rollups, DeFis and other projects built on Layer-1 ecosystems. Researching new protocols within popular emerging blockchains is a good way to net valuable tokens for free.
Airdrops have become more frequent in the crypto space. These token giveaways contribute massively to the growth of the cryptocurrency ecosystem by attracting new users and investors.
A token drop involves disbursing tokens for free to those who qualify to receive them. In most cases, the qualified participants are early adopters of a project. Sometimes, the project rewards them for helping to spread the word on social media. An airdrop can also be given as a reward to holders of another token.
Many new decentralized application (dapp), decentralized finance (DeFi), metaverse and NFT protocols implement some form of airdrop as a way to get the ball rolling and quickly become relevant. The distributed tokens are used for a variety of narrow functions such as governance, utility and anti-manipulation by whales.
The right airdrop can provide a lucrative opportunity for recipients. In recent times, a few projects have distributed airdrops worth thousands of dollars in value. Rarely, these come out of the blue; often, they're highly anticipated and competitive drops. In airdrops, as with general token trading, getting in early is the name of the game.
Many DeFi protocols have gone on to distribute airdrops for their earliest community members. Many people who traded on these platforms at the beginning have gotten rich from token drops.
As a result, the spotlight has turned to popular and thriving protocols currently without a token. Swapping, staking and other DeFi activity on these platforms has spiked in anticipation of retrospective token airdrops. Following the example of Ethereum Name Service (ENS) , retrospective drops have become the favored medium by tokenless protocols.
But what's the best way to qualify for big token airdrops? There are a number of good strategies to employ and get eligible for drops potentially worth thousands of dollars with little to no upfront investment.
Starting with Bitcoin, cryptocurrencies have made many people rich and it is normal to want in on the action. However, investing in crypto is like riding a tiger so you need to create a well-balanced crypto portfolio built on prudent allocation and diversification.
This guide discusses the things to consider when creating a portfolio of digital tokens. By studying the factors that should influence your choices, you can put yourself in the best position to benefit from the current crypto boom.
A typical portfolio consists of financial investments like bonds, equity, treasury bills and ETF instruments. It's a collection of investments spread across different asset classes. A crypto portfolio, on the other hand, consists of just one asset class—cryptocurrencies.
Within this asset class, however, are different types of cryptocurrencies, and the goal is to spread investments in a way that optimizes overall gains and minimizes the impact of a single failed investment.
A typical crypto holding can consist of Bitcoin, established altcoins like Ethereum, emerging coins like Solana, new coins like Kyrrex and speculative tokens from an ICO or IDO, and financial crypto products like options or leveraged tokens.
In 2017, against the backdrop of the rapid growth of the cryptocurrency market, the so-called ICOs were actively developing. The abbreviation stands for the Initial Coin Offering and implies attracting investors to blockchain projects through the sale of tokens before the official launch of the project in order to receive money for development. As planned, at the initial stage, tokens have a minimum cost. And after the launch, they will rise in price, and investors will be able to sell them 2-3 or even 10 times more expensive (depends on the success of the project).But the skeptical opinions of experts came true. In 2018, it turned out that the lion’s share of ICO projects was unprofitable. And more than 60% of them were not completed at all (they simply closed after the collection of investments). Given the lack of regulation, such actions are difficult to equate to fraud, so market participants are disappointed in such technology.
At the end of 2018, representatives of the cryptocurrency sector proposed an alternative – IEO. This is the name of the Initial Exchange Offering in which the sale of tokens is carried out through an exchange (for example, Binance, Coinbase, Kyrrex), which is the guarantor and intermediary of the transaction, charging a small commission for this. The difference between IEO and ICO is that the exchange team conducts a preliminary review of projects and selects only the most promising ideas.
IEO participants are trying to regain confidence in investments in blockchain projects through the Initial Coin Offering. Therefore, in the new format, money from investors does not go directly to the creators of the smart contract, but to the account on the exchange. Only after that they can be used in work. But first, all startups pass verification through their representatives. And the movement of funds received is controlled by exchanges. Data collection and strict control minimize the risk of fraud, but do not exclude formal bankruptcy and unsuccessful launch (no one is protected from this).
Today’s popular sites on which initial exchange offerings are held:
To become an investor, it is also necessary to go through verification and registration on the site and select a project from the available ones (a detailed description, team members, and statistics are also added there).
The main advantage of the new format of the initial coin offering is trust. Exchanges took on reputational risks, since in the event of failure, a flurry of negativity will primarily result in them. Therefore, projects are selected very strictly (according to insider information, more than 80% of projects do not pass control). Multilevel verification and the ability to track money or return it in case of force majeure increase the safety of investors. An important aspect is that exchanges control the IEO smart contract and conduct KYC / AML procedures. It is also convenient that listing after the launch of the blockchain project is carried out on the exchange automatically. It will be possible to buy and sell tokens instantly with the possibility of exchanging for fiat.
ICO “dies” – this is confirmed by the numbers. According to TokenData, in the first decade of 2019, the turnover there amounted to only 118 million dollars. And in IEO over the same period, the turnover was about 1 billion.
Many experts in the blockchain industry confirm that IEO can become the standard model for raising funds in the crypto space. But you should not expect such a boom as with the ICO in 2017. Since trust was still crushed in general.
In this article we are going to guide you with step by step procedure of adding, editing tokens to your Trustwallet
We are here to help you with adding KRRX token to your Trust Wallet app. KRRX is a native token of a quite-known crypto trading platform - Kyrrex. So, what’s the reason for investors and traders adding the token to Trust Wallet? It provides many features to its holders like decreasing trading commissions, stacking, and the possibility to catch the token’s growth from the beginning.
Kyrrex is a crypto exchange company regulated by Malta and Estonia authorities. So, investing in its native token can be a profitable bet even during a short period of time. As we can see, KRRX provides many outstanding possibilities. Trust Wallet supports many blockchains and over one thousand crypto tokens. The system keeps providing us with brand new chains/tokens every week.
By default, Trust Wallet allows us to work with Bitcoin (BTC), Ethereum (ETH), and Binance (BNB). So, what should you do if you need an extra token in your crypto wallet?
There are several simple steps to do it.
The manage button is located in upper right corner of your Trust wallet app. Clicking on it will give you access to the app's Menu.