Centralized crypto exchanges offer custodial wallets to their users. This means that the private keys belong to the exchange. Some CEXs also offer non-custodial wallets. For example, Binance has the Trust Wallet. Crypto.com also offers its own wallet.
So, let’s see what’s under the hood for the Crypto.com DeFi wallet.
What Is the Crypto.com Wallet?
This wallet stores your cryptocurrencies and tokens. However, crypto.com offers two different wallets:
- The crypto.com App — This is a custodial wallet. It connects directly to the centralized crypto.com exchange. In other words, you’re not in control of the private keys.
- The crypto.com DeFi wallet — This is the non-custodial wallet that crypto.com offers. To use this wallet, you don’t need a crypto.com account to store any of your digital assets. The main advantage is that you are in control of the private keys.
In this article, we will talk about the crypto.com DeFi wallet. To clarify, when you ‘send’ assets to another wallet, these assets stay on the blockchain. You don’t physically move cryptocurrencies around. You merely sign a transaction with your private keys.
However, this wallet is also a hot wallet. In other words, it’s connected to the internet or Wi-Fi. This means that there’s always a chance that somebody can hack your wallet. In the video below, you can learn how to buy tokens in this wallet.
Is The Crypto.com DeFi Wallet Non-Custodial?
The crypto.com DeFi wallet is a non-custodial wallet. This means that you’re in full control of the private keys. In other words, only you can sign transactions for your wallet. This also brings a lot of responsibility. For example, you need to make sure that you keep your private keys in a secure and safe place. There are situations that you want to avoid.
- Losing access to your private keys — This means that you don’t have access to your wallet anymore. Everything inside your wallet is now lost.
- Somebody else has access to your private keys — This means that this person can access your assets. He or she can send your assets to any address of their liking.
Both samples emphasize the importance of storing your private keys in a safe place. It’s best to secure them with a couple of backups of your private keys. Store these backups in different locations. However, don’t store them on your mobile phone or computer. These are prone to hacks. We also wrote a detailed guide on how to set up your crypto.com DeFi wallet. The following picture shows the advantages and disadvantages of custodial and non-custodial wallets.
Source: Crypto.com university
Can I Import This Wallet to Metamask?
Yes, you can import your this wallet to MetaMask. Follow these easy-to-follow steps:
- Open your wallet and click ‘View Settings‘.
- Click ‘Recovery Phrase‘.
- Click ‘Continue‘ and your 12-word recovery phrase should show.
- Copy the recovery phrase in a safe place.
Make sure that you have MetaMask ready. If needed, download your MetaMask and set it up. Now follow these steps:
- Open your MetaMask and click ‘Get Started‘.
- You will see two options, ‘Create a new wallet‘ and ‘Import an existing wallet‘.
- In case you already have a MetaMask, click in the top-right corner.
- Chose to “import an existing wallet“.
- Now select ‘Import Using Secret Recovery Phrase‘.
- Enter your 12-word recovery phrase.
- Set a strong password.
That’s it, you now imported your crypto.com DeFi wallet into MetaMask. See the pictures below.
Can You Connect crypto.com DeFI Wallet to ShibaSwap?
No, you can’t connect your crypto.com DeFi wallet to ShibaSwap. However, your MetaMask wallet can connect to ShibaSwap. Follow the procedures as shown above. This allows you to connect your wallet through your MetaMask to ShibaSwap.
This is Part 1 of 4 popular questions about the DeFi wallet of crypto.com. Here’s a link to Part 2. With these two articles, you should know everything about the wallet.
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