ForgeLayer launches world’s first non-custodial crypto infrastructure layer
ForgeLayer has created the world's first infrastructure that allows companies...
ForgeLayer has created the world’s first non-custodial crypto wallet infrastructure. For the first time in the crypto industry, businesses can be built on top of an API-powered non-custodial wallet system that ensures users and not the infrastructure providers retain control.
Understanding wallet systems
When people store cryptocurrency, they usually use either a custodial or a non-custodial wallet. A custodial wallet is one where a third party, usually a crypto exchange, holds and manages your private keys on your behalf. Private keys are like passwords that give access to your crypto.
With custodial wallets, users can easily recover their accounts if they forget their passwords, making them more beginner-friendly. Popular exchanges like Binance and Coinbase use this model. However, because the exchange controls the wallet, users do not have full ownership of their assets and may lose access if the platform is hacked, restricted, or shut down.
Non-custodial wallets work differently. Instead of relying on a company to hold funds, users control their own private keys, giving them complete ownership of their crypto assets.
Wallets like MetaMask and Trust Wallet are examples of non-custodial wallets. This setup offers more privacy and control, but it also comes with greater responsibility.
If a user loses their recovery phrase or private key, there is usually no customer support or company that can restore access to the wallet. In simple terms, custodial wallets prioritise convenience, while non-custodial wallets prioritise control and ownership.
The control and ownership that non-custodial wallets offer is what ForgeLayer is bringing to its API-powered wallet infrastructure.
Why you need ForgeLayer’s non-custodial crypto wallet infrastructure
ForgeLayer
Integrating crypto into your business or starting a crypto-related business is now easy, as there’s no need to build from scratch. There are third-party infrastructure providers that manage wallets and process transactions.
Most of these inf...
