0 minsPublished on 11/22/2022

Self-custody is in MoonPay’s DNA

We’ve always been committed to giving our users full control of their assets.

By Geoffrey Lyons

Self custody

MoonPay began with a simple idea: everyone should own and control their money, property, data, and identity, and that self-custody on the blockchain is the best means to achieving this. 

We believe this still.

The UX of Web3 is still far too complicated. Wallets (where users can store cryptocurrencies and NFTs and execute transactions on a blockchain network) can be foreign to newcomers. Even once wallets are understood, the endless array of options - from desktop wallets to web wallets, “hot” wallets to “cold” wallets - can be overwhelming. The wallets themselves can also be difficult to navigate, although that has improved by leaps and bounds. 

MoonPay recognizes that wallets can be confusing for new users. That’s why we take the time to educate them on the different types of wallets, how to choose one, and how to keep it secure. We also work closely with some of the most reputable wallets in the space, which are using MoonPay to onboard their users. We encourage newcomers to try self-custodial wallets such as Bitcoin Wallet, ZenGo, Trust Wallet, or Ledger, to name a few.  

But many big players in the space have gone a step further and offered their users a simple tradeoff: trust us with your private keys (essentially the passcode with which users can access their funds and sign a crypto transaction) and we’ll make this experience easier. 

This tradeoff isn’t necessarily bad, since what it sacrifices in sovereign control over one’s assets is often offset by a smoother experience for those just starting their crypto journey. Custodial wallets and cryptocurrency exchanges have also helped crypto adoption grow quickly, onboarding millions of users in just a few years, and we have many that we still count as partners.   

But besides the lamentable fact that not all platforms can be trusted with user funds (a sad reality we’ve seen play out in recent weeks), many also feel that self-custody is a core tenant of crypto that shouldn’t be sacrificed. 

Not your keys, not your crypto

Self-custody has always been in MoonPay’s DNA. It’s what motivates us to build solutions that help people more easily purchase and control digital assets, proving to the world that you can give users ownership and first-rate UX at the same time.

It also complements our deep commitment to the safety and security of our users. Security has always been our number one priority, and it’s ongoing: our security policies on everything from data encryption to payment processes are routinely reviewed to ensure they are up to date and compliant with industry standards. Our robust Anti-Money Laundering and Know Your Customer Policy helps prevent bad actors from entering our ecosystem, and we educate our users on how to stay safe in Web3 and spot potential scammers. By keeping users safe and giving them full control over their assets, we’ve been able to provide Web3 solutions that prioritize security above all else. 

There’s a crypto community adage: “not your keys, not your crypto”. This is as true today as it’s ever been, and it informs MoonPay’s commitment to self-custody. Our vision is to unlock ownership for everyone, and that starts and ends by allowing people to have full control of their digital assets.  

Geoffrey Lyons
Written byGeoffrey Lyons

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