Like online banking, crypto wallets are used to store digital assets on the blockchain, enabling users to transfer their assets from one to another wallet on the chain.
Since their first iteration as software wallets, a number of crypto wallet hardware options have emerged and taken their (rightful) place on the market. The difference is that, unlike the software crypto wallets that require you to install applications and programs on your phone or computer, hardware wallets are actual physical devices designed for the purpose of storing digital assets in a more secure manner — offline.
Obviously, both types have their pros and cons depending on users’ preferences.
Let’s examine them in detail.
Crypto Hardware Wallet Explained
Before the invention of crypto hardware wallets, investors stored their private keys on computers or mobile phones. This made wallet usage very easy, but it also came with disadvantages related to security. Hardware crypto wallets enable owners of digital assets to store and transfer them easily, but with an added safety layer.
Pros of Hardware Crypto Wallets
This type of wallet decreases the chances of a malicious third party manipulating digital assets. Since the private key is installed on a particular device that is used by more than one person. With wallet solutions designed specifically for the purpose of safeguarding your crypto wallet key, holders of large amounts of crypto (like enterprises) have a safer means of storing their digital assets.
Cons of Crypto Hardware Wallets
Despite the benefits of hardware wallets, here are some of their shortcomings:
- Too complex for the average person to use
- Private keys are stored and controlled by third parties
- Private keys stored with third parties are prone to data breaches.
Why You Should Choose AIKON’s ORE Vault
AIKON’s ORE Vault is an enterprise blockchain wallet enabling companies to easily and quickly make transactions on multiple supported chains while maintaining complete control over the funds as well as transaction overview within the company.
ORE Vault is a hybrid wallet that stores the digital assets on a server while granting assigned team members control over their private keys. Each transaction requires authorization from a predetermined number of assignees — for example, three out of six executives, or 2 out of five managers.
These progressive enterprise crypto wallet features are suited to meet the specific needs of every company that has (or plans to acquire) digital assets — no matter the control level they want to exert over their digital funds.
Below are some reasons your enterprise should opt for ORE Vault as the solution for your emerging crypto needs.
Ease of Use
You do not have to teach users how to use a crypto hardware wallet before they are able to use it. This is a major benefit of using ORE Vault for enterprise purposes.
The wallet has an intuitive user interface that anyone capable of operating a mobile device can use. ORE Vault also sends automated mail to team members to notify them of when to sign off on transactions.
Top-Notch Security
ORE Vault is a non-custodial wallet that allows users to stay in control of their crypto wallet private key at all times. This is not an exaggeration, the ORE Vault is built to offer as much security as Fox Knox.
It also features Coincover’s crypto asset protection (underwritten by Lloyd’s of London). Team members can simply use their corporate emails to register on ORE Vault, which is easy to revoke when they leave the company or are simply removed from a specific team wallet.
Perfect Wallet for Multiple Blockchains
Another major benefit of using the ORE Vault is that it allows team members access to multiple blockchains from a single solution. With ORE Vault, enterprises do not need multiple enterprise crypto wallets for the different cryptocurrencies. They can manage all their digital assets including Algorand and Ethereum (ALGO and ETH) with ease, while integration with Bitcoin (BTC) is underway.
Transparent and Visible Transactions
Blockchain is the only platform that offers this kind of high-level security and transparency. Thus, ORE Vault ensures an equal level of transparency by making all transactions done on the wallet visible to all registered members of a shared wallet. There is no better way to build trust than by ensuring transparency and ORE Vault offers it in spades.
As you can see, there is no better way to integrate blockchain in your business than through the adoption of ORE Vault.
So what’s stopping you from using it as your enterprise crypto wallet? Contact us today and let’s get you started!