What's a Wallet?
Crypto Investing Made Simple.
Your crypto wallet stores your password (called a private key) to accessing your funds, ensuring you are the only one able to access, sell and move them.
Your crypto wallet is your password to accessing your funds. It stores your private keys, which unlock your funds to be moved away from the wallet, and ensure you are the only one granted access. Wallets come in many formats:
Your wallet is your digital bank account on the blockchain. The main difference between this one and your bank’s, is that this one cannot be accessed by a third party: you are your own bank. Regardless of the format they come in (hardware, online, or on a piece of paper), wallets all perform the same functionality. The password they contain (private key) manages the control to your funds by being proof that you are the rightful owner (through a digital signature). If you lose your private keys, you lose access to the funds in the wallet.
Each wallet comes with two keys:
Wallets come with a seed phrase that allows them to be recovered in case they are lost. Seed phrases are strings of randomized words (i.e. world shape apple mug…) that when combined unlock access to the wallet. The seed phrase should be stored in a safe place, and preferably not digitally (as this can be susceptible to hacks).
When you create an account with Alongside, a wallet is automatically created for you. Only you and your mobile device hold the keys (i.e. password) to accessing the funds on the wallet. When depositing USD to the app, you are depositing the funds directly into your personal wallet. Similarly, when purchasing the index, the index funds are stored inside your wallet as well. Alongside cannot access your funds on your behalf and at no point hold custody of them.
Your wallet on Alongside is protected through your email login, and we recommend that you turn on face recognition or passwords on the app to further protect your funds from being access by someone who would take control of your phone.