How many times have you placed your money in different places? Sometimes, for example, you may have kept some cash in your pockets. Or you may have held them in a bank account. LYOPAY follows the same logic: our users can store their cryptocurrencies into different wallets or hold their funds in a vault as part of their LYOPAY account.
What is a vault?
A vault is like a standard wallet, as it receives cryptocurrencies. What differentiates it from a normal wallet is that vaults can prevent the stored cryptocurrencies from being immediately withdrawn. How? By adding security steps. These steps are always optional. Users can decide if they want to split their ownership between multiple users and email accounts. This means that the appointed users will be allowed to approve or not a transaction before its completion. Let’s discover how it works.
The functioning of LYOPAY’s vault
When you create a vault, you have the option to name it. Next, you will have to manage the settings of the vault you just created. There are two options you can use:
- Decide to approve the process of deposit and withdrawal of crypto funds yourself.
- Have this process approved by someone you trust.
You can have it approved by a group of people, if you want, provided they are LYOPAY users. Remember that the more people approve the process, the better the security of the vault will be. Why? For a simple reason. Every time you make a transaction, 2-3 or 5 people (depending on how many approvals you’ve decided to have) must give their approval in order to execute it.
What is LYOPAY’s cool wallet-S?
While vaults are extremely safe, the most secure way of storing a cryptocurrency is using a hardware wallet, and there’s no better place to store your funds than LYOPAY’s cool wallet-S.
You can connect your cold wallet to the LYOPAY app on your mobile phone. Once paired, you will be able to monitor and manage your crypto assets. The data in your cold wallet is safe because it allows pairing only with authorized devices – it can’t be accessed from an unknown one.
How does it work?
The cold wallet stores your private key to access your crypto funds on the blockchain. If you lose your cold wallet, you can recover your data to another cold wallet using the original backup.
Which cryptocurrencies can I store in LYOPAY’s wallet?
Currently, you can store any cryptocurrency among those supported on LYOPAY. For more details, please click here.
LYOPAY’s crypto wallet is the size of a credit card. It provides offline storage and you can manage it via your smartphone – both iOS and Android devices. What are you waiting for? Switch to LYOPAY’s cool wallet-S!