Welcome to the new world of digital wallets, an app on our phones and laptops that is opening up a new frontier of the internet 3. So what are these things anyway? Bakkt is a custody service that stores Bitcoin in cold storage. Dharma is an Ethereum wallet that connects your bank account to the world of DeFi short for Decentralized Finance.
Xapo is a hybrid digital wallet allowing its users to send, receive, store and spend traditional currencies and Bitcoin. MetaMask is an Ethereum wallet used to interact with decentralized applications on the Blockchain. Xapo has a cool no pun intended story because it offers cold storage in underground vaults. The Swiss Xapo vault is located inside a decommissioned Swiss military bunker. James Bond has nothing on this Xapo crew. How to send payments on Xapo wallet? In order to analyse the level of security associated with Xapo wallet, let is analyse its top safety features: Deep Cold Storage Like regular cold storage, deep cold storage involves keeping funds offline for added security.
However, it goes a notch higher as the system holding your funds has never been online or in any network for that matter. Further, the private keys for the system are generated offline and transaction signing also takes place offline. Nothing associated with this storage system ever touches the internet or any other network.
Private Key Segmentation User funds that are sent to the vault are encrypted and broken down and then stored on paper and external devices. Ever private key Xapo wallet is then segmented and physically distributed to multiple locations. Instant Notifications on Spending With this optional feature, you can get an alert every time funds move out of your wallet as an extra security precaution.
The above Xapo safety features clearly indicate that the team behind the wallet highly prioritizes security.
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