Wallet Protect gives you the ability to easily protect your XRPL native wallet with multisignature and theft cover at the same time. Check out our Press Release for more info about our partnership with Coincover who provide theft coverage underwritten by Lloyd’s of London.
What is Wallet Protect?
Wallet protect is a yearly paid subscription that includes:
- Fraud Shield: real-time scanning for suspicious addresses provided by GateHub, xrplorer and Chainalysis.
- Emergency Recovery: recovery of funds in worst case scenarios like losing access to your account.
- Theft Cover by Coincover: up to $1M theft cover provided by Coincover and underwritten by Lloyd’s of London.
How do I enable Wallet Protect?
Wallet Protect can be enabled on the Wallet Balances screen or via Wallet Advanced. The process takes just a few steps. You will need to select your coverage plan and payment option. Multisign will be set up for your wallet and at the end your wallet’s Master key will be disabled.
See our support article for detailed instructions.
Once you receive your confirmation that Wallet Protect is enabled, your coverage period will begin.
How do I know I have Wallet Protect enabled?
After the process is completed, you will see that your wallet has Wallet Protect enabled on your wallet and in your wallet settings under Wallet - Advanced. A shield icon will appear on your wallet in the wallet list too.
You can also generate and print out your own personalized Certificate of Protection after Wallet Protect has been enabled. Go to Wallet - Advanced and look for the “View certificate” button.
What is the Wallet Protect pricing?
Wallet Protect pricing depends on the covered amount.
|Coverage||Up to $10k||Up to $100k||Up to $1M|
*All payments are made in XRP. The payment amount is calculated at the latest rate.
How does it work?
It works by making your wallet a “multisignature” or “multisig” wallet. Your transactions are signed by multiple keys which makes it possible to perform scanning and recovery in cooperation with Coincover.
Fraud Shield works by running all destination addresses through xrplorer, Chainalysis and GateHub’s own fraud checks. That way we can prevent certain losses of funds.
If you lose access to your wallet, we can recover the funds from your Wallet Protect enabled XRPL wallet(s). This is a manual process so you will need to set up a new account and any funds that can be transferred will be moved to your new account.
Theft Cover is provided by Coincover. To start a claim get in touch with GateHub via our support desk. We may ask for additional information about your claim.
Do I need to enable Wallet Protect for all my wallets?
You must do this for each of your wallets separately if you want to protect more than one wallet or more than $1M. You can decide if you wish to keep Wallet Protect disabled for some or all of your wallets.
Can I disable Wallet Protect?
Wallet Protect can be disabled, but this means you will lose your protection. If you decide you don’t want to use Wallet Protect on your XRPL wallet(s), you can continue using your XRPL wallet using a single key setup as before, however your protection is canceled once Wallet Protect is disabled.
How do I create transactions with Wallet Protect enabled?
You can continue using your GateHub wallet as before with Wallet Protect enabled.
Caution: If you were using your wallet with some other app like XUMM or another client, you will not be able to use it outside of GateHub any more.
Why use Wallet Protect?
In case your key gets lost, GateHub can recover your funds with Coincover’s help. If your key gets stolen, the thief can’t empty your wallet with just the stolen key and your funds are insured by Coincover. See ‘How does it work?’ to find out more.
What else do I need to know?
Your transactions are protected on multiple levels with volume and destination checks. If any suspicious activity is detected by our system, you will be notified and your funds will be temporarily locked or returned to you.
Wallet Protect currently only works with XRP and GateHub issued IOUs and trust lines. If your wallet holds IOUs or trust lines for other currencies, you will need to withdraw and disable them before enabling Wallet Protect.
What happens when my Wallet Protect plan expires?
You should renew your Wallet Protect plan to keep using your wallet and reap all the benefits. However, you don’t need to worry if your plan expires before you manage to renew it. Your wallet remains protected by multisign, however, you will not be able to make any new transactions with your wallet until you decide to renew your plan.
Alternatively, you can disable Wallet Protect. This will enable you to start creating new transactions but revert your wallet to a standard one key setup. Your funds will also remain unprotected this way.
How do I renew my Wallet Protect plan?
Simple! Navigate to your wallet and you will see a “Wallet Protect is about to expire” banner. From there simply click on “Renew” and follow the instructions.
Your old plan will be disabled if you decide to renew before it expires. In this case, your new plan will be discounted proportionally to the remaining days on your old plan.