Bitcoin wallet provider Casa has unveiled Ethereum vaults, which are designed to give Ethereum fans and holders more secure options for keeping control of their money. Casa Says “Yes” to Housing Ethereum There’s a common theme in the digital currency world. The theme is, “Not your keys, not your coins.” The statement refers to custody practices and third parties in which custody responsibilities are trusted to figures or companies that are not the actual owners of the tokens in question. For this reason, it doesn’t matter how many units of crypto you put in your wallet. If custody is taken over by someone (or something) else, you’re not in control, and your coins could disappear whenever the company is in trouble. Initially, Casa was only created for bitcoin
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Bitcoin wallet provider Casa has unveiled Ethereum vaults, which are designed to give Ethereum fans and holders more secure options for keeping control of their money.
Casa Says “Yes” to Housing Ethereum
There’s a common theme in the digital currency world. The theme is, “Not your keys, not your coins.” The statement refers to custody practices and third parties in which custody responsibilities are trusted to figures or companies that are not the actual owners of the tokens in question. For this reason, it doesn’t matter how many units of crypto you put in your wallet. If custody is taken over by someone (or something) else, you’re not in control, and your coins could disappear whenever the company is in trouble.
Initially, Casa was only created for bitcoin holders. If you had bitcoin in your stash, Casa would house it for you, but now, the company is opening its doors to Ethereum, the second largest crypto by market cap and the number one competitor to bitcoin.
The firm is also building itself out as a self-custody outlet. In other words, while the crypto one holds can be done through a wallet provided by the firm, final ownership truly lies with whoever garnered the coins in the first place, and Casa allegedly prides itself on the fact that all its customers fully control their coins and aren’t required to forfeit their custody abilities. CEO Nick Neuman explained in an interview:
Self-custody places the control and responsibility back into the hands of the users, eliminating the risk that people’s assets will be frozen, misused, or stolen when things go wrong at an exchange. We believe that reducing reliance on third parties by taking self-custody and holding your private keys is the future of money management.
Since self-custody is an entirely new route for Casa customers, the company has created new education modules to help them understand how the protocols work and what they can do to boost the safety of their coins. Neuman said one of the quickest and easiest windows to self-custody is through the company’s new app. He commented:
Our app gives Casa members a clear view of their key health and guides them through replacing a key if it is lost or stolen. It’s no more complicated than interfacing with any regular banking app, and we’re here to offer support and guidance at every step.
Making the Network Faster
Ethereum is arguably becoming as big as bitcoin. The asset has already gone through two major upgrades over the last 11 months (the Merge and Shapella) that have shifted the asset over to a proof of stake module over proof of work, which it had followed since its inception.
Proof of stake has permitted Ethereum to move faster and lessen its gas fees.