We are proud to announce Wallet Protect, a state of the art security solution for your XRPL wallets. Worried about the safety of your XRP? Those worries are a thing of the past with Wallet Protect by GateHub in partnership with Coincover.
Wallet Protect uses XRPL's multisignature capability to secure your wallet and comes with insurance coverage by Coincover for up to $1M. Check out our Wallet Protect FAQ for more details.
How does it work?
When Wallet Protect is enabled for your XRPL wallet your wallet’s transactions are signed by multiple keys held by you, GateHub and Coincover. This makes your wallet more secure by removing a single point of failure.
The process to enable Wallet Protect is this:
- A new signer list is created for your wallet where 2 out of 3 keys are needed to create a transaction.
- A payment is made to verify the signer list works and pay for your protection plan.
- Your wallet’s master key is disabled. This means that only the signer list can create new transactions from now on.
You can continue using your wallet on GateHub like before.
- Your protection plan is activated immediately after your wallet’s Master key is disabled.
- Wallet Protect is a per-wallet product. Each of your wallets needs to be protected individually.
- If you are using a wallet on multiple clients, your wallet will not be able to create transactions in any other client than GateHub.
What are the benefits?
Losing your wallet’s secret key is no longer a critical failure. If your wallet’s secret key or your new user key is stolen, it cannot be used to access your funds by itself. Also if you lose access to your GateHub account, recovery is possible. Lastly, your XRP is covered up to $1M in value, depending on your plan.
Wallet Protect works for you in two ways. The multisign component prevents lost or stolen keys to lead to losses. The coverage component is a safety net for you if anything goes wrong. Learn more about multisignature on blockchain in our recent blog and check out the Wallet Protect Terms and Conditions for more details.
Note: this only applies to future states of wallets with Wallet Protect enabled. Enabling Wallet Protect cannot reverse any past transactions.
To protect your wallets.