Why is self-custody such an important factor to consider when storing your crypto assets?
If you are new to crypto space or an age-old participant, you have to understand this - The assets in a custody wallet are safe only if you have the keys and control. Within the last few years, numerous investors have realised the importance of the self-custody multi signature wallet which allows them to have full control over their digital asset. Today in crypto, the best crypto wallet in India is one that provides full autonomy to investors; where the investor doesn’t need to entrust a bank or any other third-party agent or services for their funds.
Understand the custodial wallet infrastructure: in the custodial multisig wallets, the private keys generated by the wallet are entirely held by a third party. When you need your digital assets for transactional purposes, you need to access it from a third-party service provider. Under such a scenario, the counterparty is responsible for the security of the wallet and the funds. On the other hand, self-custodial multisig wallets enable investors both individuals and institutions to securely hold the private keys generated by the wallet allowing them to have full control over their assets. In order to become a self-custodian of your digital assets, it is critical to opt for the best cryptocurrency wallet that is non-custodial.
A hardware multi signature wallet is one of the most preferred mediums of storing digital assets especially for the self-custodian. If you are handling large sums then it is highly recommended to store them on a hardware wallet - one that is not connected to the internet. The best crypto wallet in India is the one where private keys are stored offline and transaction only takes place when the owner physically confirms and signs the transaction using a hardware device.
A major thing to keep in mind while setting up a hardware wallet for your best cryptocurrency wallet: It is critical to be cautious when you are transacting crypto to another address. Countercheck the recipient addresses involved in the transactions. While surfing the web, do not connect your multisig wallet to a web page unless you want to conduct a transaction or have any specific reason to connect. When you are done transacting using a multi signature wallet, disconnect your wallet.
While investing your hard-earned money into crypto and storing assets in a custody platform (self-custody), you must ensure total control over them – and pick the one that ships with in-build remarkable security features.
Liminal offers a secure, scalable platform for your digital assets. The best cryptocurrency wallet helps simplify the complex world of digital assets for both individuals and institutions. The digital asset custodian platform services offered by Liminal are developed with simplicity in mind because Liminal believes that managing your digital assets should not be intimidating and complex.
