MyLilius Opinion: Custodial vs Non-Custodial Wallets

Before deciding to purchase cryptocurrency, it is important to understand your options on how to store your funds. If you’ve made it this far you most likely understand what a crypto wallet is. For those who don’t, a crypto wallet is a means to store and access your cryptocurrency.

When selecting a wallet you have two options: custodial and non-custodial wallets. With a custodial wallet, a third party controls the access and security of your funds. With a non-custodial wallet, you are the only person that can grant access to and secure your funds.

Traditionally individuals have opted for a custodial wallet the first go around. Custodial wallets require less personal responsibility than a non-custodial wallet and have been more convenient up to this point.

MyLilius’ Approach to the Wallet

At MyLilius we have sided with non-custodial wallets. We believe that individuals should not be forced to give a third party access to their funds because of a learning curve. The MyLilius Wallet has taken the steps to offer individuals a wallet that removes the complexity out of using a wallet. For example we have:

  • Pre-populated RPC for the most popular networks
  • Aggregated Balances across all supported networks
  • Built in name service to replace the difficulties of public addresses
  • Optimized for connecting to multiple networks at once (Removing the need to “switch networks”)
  • Automatic Transaction signing (amount and frequency limit)

Additionally, the overall experience of the MyLilius Wallet is configured to replicate the UX we are accustomed to via traditional financial institutions without compromising the benefits and values web3 provides. We encourage all individuals to do their own research about which wallet solution best caters to their needs.