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How Core Wallet Simplifies Self-custody of Cryptocurrencies – Cryptosaurus

“Not your keys, not your cryptocurrency” is one of crypto’s defining slogans—and it’s only become more apparent in the past year, when the FTX crash exposed the risks of holding cryptocurrencies on centralized exchanges. ,

When user deposits on the exchange disappeared, Google searches for “self-custody” reached an all-time high.

With self-management, says Akash Gupta, director of product management at Ava Labs, “You own and manage all your assets and are not dependent on anyone else.”

But while self-custody offers a level of control over your own assets that centralized exchange providers will never be able to offer, it often comes with a level of complexity that can be intimidating.

Ava Labs aims to change this with Core Wallet, a cross-platform cryptocurrency wallet that aims to make fully functional self-custody as easy as holding cryptocurrency on an exchange.

Important is a free, non-custodial wallet that also serves as an all-in-one Web3 command center for Ava Labs’ own Avalanche blockchain as well as Bitcoin, Ethereum and all Ethereum Virtual Machine (EVM) compatible blockchains is compatible with.

“As people migrate from Web2 to Web3, we are seeing more and more users want to take control of their assets.”

—Akash Gupta

Within the wallet, users can easily buy cryptocurrency, bridge and trade assets between different blockchains, as well as interact with Decentralized Applications (DApps), Decentralized Finance (DeFi), GamFi and NFTs.

“One of the biggest differentiators we offer is an elegant, connected experience across all your devices with simplicity, reliability, and ease of use,” explained Aakash. “It makes users feel like home, and more comfortable moving assets around.”

Optimize cryptocurrency user experience

The core wallet allows users to easily add and exchange assets. Image: Ava Labs

The core wallet allows users to easily add and exchange assets. Image: Ava Labs Simplifying the user experience is key for a cryptocurrency to attract mainstream users, Aakash told Decrypt. This means incorporating features such as a simple fiat onramp using popular tools such as Coinbase Pay and MoonPay.

It also involves bringing together multiple blockchains under one roof. To that end, Aakash said, the core was explicitly designed to multi-series; Users can seamlessly add their preferred networks and subnets, which are automatically changed upon transaction.

“People still have a learning curve to go through” when it comes to self-enforcement, he explained, “there are technical challenges today in making sure users are completely comfortable with it.”

To that end, Core has added features to address newcomer concerns around security, complexity and asset recovery.

Core allows users to import and manage their private keys on a secure platform for unified management. This means users no longer need to manage fragmented workflows with multiple private keys across multiple wallets.

It is also important for crypto neophytes to reduce the confusion caused by switching between platforms. This means achieving what Akasha calls “the Triune”.

“This is what we call having a consistent experience across web, mobile and your browser extensions,” he explained.

What does Core do differently?

However, simplicity doesn’t mean skimping on features. While other self-custody wallets may be basic affairs, Aakash highlights how Core’s feature set helps users put their cryptocurrency to work for them.

“Users can’t do much with their bitcoin as of today, however, through Core, users can plug it into the DeFi world and take advantage of performance or borrow against it in the thriving Avalanche ecosystem. Can,” he says. , Aakash claims that BTC.B, the token that the Avalanche Network uses to represent bridged bitcoin, has about $200 million in circulation, outperforming bitcoin blocked on the Lightning Network.

“We are seeing a lot of people moving away from legacy wallets,” he explains. “Either they don’t support EVMs and truly multi-chain, or they don’t have apps for all types of devices, or they don’t have native secure bridging capabilities, or they don’t have support for DeFi and BTC. Is. .”

“Core has the ability to sign cross-chain transactions, making it easier than ever to transact across multiple networks. Users no longer need to worry about manually switching networks or making unexpected errors in the process.” No. Another area where Core maximizes the user experience is that it automatically enables the user’s assets; Core recognizes and indexes cryptocurrency transfers, adding them to the app with integrated live price updates. displays inside.

“You don’t have to worry about the stress and heartbreak of not being able to see your token balance,” Akash explained. “I know a lot of people panic or have panic attacks when it comes to not seeing large balances in other wallets.”

nft and many more

Core Wallet allows you to show off your NFT collection. Image: Ava Labs

Instead of interacting with third-party NFT marketplaces like Magic Eden, Core Wallet users can view information about their NFTs directly from their wallet without leaving the app.

According to Aakash, Core is also working on functionality that will allow Core users to add and trade NFTs from within the app itself.

This executive believes that Core’s combination of simplified onboarding, ownership of your own assets, and a good product support team is a good starting point for a broad audience that wants to get started with self-management.

“Increasingly, users want to control their assets,” says Akash. “We think the transition may take some time, as awareness of self-custody grows among certain demographic groups – however, CORE is well positioned to absorb that growth.” Core has something for everyone, whether you are a new cryptocurrency trader, Avalanche or DeFi user, bitcoin enthusiast, or NFT collector. Core It’s ready for you to use right out of the box; Come check it out.

To experience Core for yourself, download it from the Apple App Store, Google Play Store or Chrome Web Store.

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