Introduction and Overview
Vault is the first multi-signature (multi-sig), non-custodial Wallet integrated within a major digital asset trading venue. Vault gives you complete control over your assets while providing a safety net against the loss of a key.
The solution allows you to manage the movement of funds seamlessly within the Uphold app. This is made possible by a multi-sig solution where two keys (including a backup) are controlled by you, and one by Uphold.
Given that two keys are needed to manage funds, you maintain sole control over your assets at all times.
Day to day, you can seamlessly move funds quickly between Vault and your Uphold wallet to trade via the Uphold App.
Importantly, you can move funds independently at any time, anywhere, using your two keys — even in the unlikely event of Uphold's systems becoming unavailable.
If you ever lose one of your keys, a replacement can be generated using the remaining two keys, ensuring uninterrupted access and control.
Vault combines the certainty of non-custodial with the convenience of a centralized exchange.
We’ve designed Vault to simplify the process of establishing a non-custodial wallet, while mitigating many of the associated risks, (e.g. loss of keys). Uniquely, Vault maintains instant access to Uphold’s trading platform and portfolio of 260+ assets.
Vault guarantees:
- The ability to safeguard assets held in the Vault in the unlikely event of Uphold systems becoming unavailable.
- The ability to access and move assets, at will, from the Vault and without the permission of Uphold.
- Friction free movement of assets between Vault and your regular Uphold trading wallet.
When you create a Vault, 3 keys are generated.
- The Vault Key (Yours)
- The Backup Key (Yours)
- The Uphold Key
Vault uses a multi-signature (“multi-sig”) setup that requires two of your three keys to move funds.
Lose either of your keys and Uphold will help you replace it, restoring access to the funds in your wallet.
The Uphold Key can co-sign transactions (that you initiate) from your Vault to your Uphold wallet, and it can also help with key replacement.
This key is generated when you set up your Vault and is stored securely on your device. For convenience, it’s automatically used (alongside the Uphold Key) whenever you transfer assets from Vault into your Uphold trading account.
Uphold can’t access or see this key, so we strongly recommend that you back it up. When setting up your Vault Key, you’ll be prompted to back it up to either your iCloud or Google Drive account in case you lose your device.
Your Backup Key is generated during setup and serves as a secondary way to access your Vault assets. It comes into play under rare circumstances, such as if you lose access to the Uphold platform, or if you wish to move your assets without involving Uphold.
As part of setting up your Vault, you’ll be guided through the steps to create this key and back it up securely. For better security, make sure you store your Backup Key in a location separate from your Vault Key. This ensures that a potential breach of your iCloud or Google Drive account doesn't compromise both keys simultaneously.
This is used day to day, as directed by you, to co-sign transactions from your Vault into your Uphold wallet.
It is also used in conjunction with one of your keys to replace your other key if lost or compromised.
Remember, because you need two keys to move funds, you alone control any assets stored in Vault.
Key Management and Security
No. Uphold never has access to either of your private keys.
When you create your Vault your keys are generated by the Uphold App. Your primary Vault Key is stored in the secure element of your mobile device, accessible only by you. Optionally, a backup can be stored in your chosen cloud service (e.g., iCloud, Google Drive), if you permit it.
Your Backup Key should be manually recorded by you and stored in a secure location.
Let’s be clear: You are placing trust in Uphold to not retain copies of the keys generated during the setup within the app. Uphold does not have, and will never seek to have, access to the users’ private keys.
Vault is designed to simplify the process of establishing a non-custodial wallet while mitigating many associated risks. Achieving this requires a balance between Convenience and Trust.
This isn’t available yet, however we do plan to support alternative places where you can generate your own Backup key e.g. via third-party hardware or software wallets.
Non-custodial solutions usually place the responsibility for key safety squarely on the individual. Losing these keys often means that the assets are lost forever.
Vault incorporates multiple safeguards to enhance the security of your keys while also offering options for key replacement in case one is lost or compromised. For steps on how to recover your keys, go here.
If you lose both keys, at the same time, and you haven’t backed them up, you will permanently lose access to your assets.
You can withdraw your funds from Vault into the Uphold app by selecting the desired Vault* and tapping Withdraw.
If you don’t have access to the Uphold app, you can still transfer all your assets from Vault to any third-party wallet that supports the asset you’re transfering at any time by following the steps in Vault Assist.
*If you hold XRPL tokens like SOLO or CORE, you must withdraw these tokens first before you can withdraw XRP, more details here.
Replacing a key triggers an on-chain transaction that takes time to process. While the transaction is being confirmed, Vault transactions are disabled as a new key is being generated. As soon as the transaction is confirmed and the new key is generated, Vault transactions will be immediately enabled.
Asset Management
Vault remains 100% under your control. For regulatory reasons however, only assets originating in and transferred from the Uphold trading account can be withdrawn from the Vault back into the users trading account.
Funds will be screened/monitored when moved into the Uphold trading account as per any normal deposit transaction.
No, your keys remain the same. Vault has one set of keys no matter how many assets you decide to hold.
Vault supports BTC, HBAR, XRP and some XRPL tokens (currently CORE, SOLO and RLUSD), with plans to incorporate additional tokens and networks.
Fees and Charges
The only fee payable on moving funds to and from your Vault account are the applicable network fees as detailed at the point of transaction.
Yes. To access Vault, you’ll need to sign up for a recurring subscription payment plan via the in-app purchase mechanism provided by Apple and Google. The plan price is shown during setup and the free trial will automatically renew into a paid subscription after 30 days unless canceled.
On the Vault dashboard, go to More (::) and select Manage Subscription. You can also manage your Vault subscription directly from your device via the App Store or Google Play Store.
If you cancel your subscription, you’ll continue to have all subscription benefits until the end of the current term. After the term ends — or if your subscription expires or ends for any other reason:
- You will no longer be able to use the Uphold key to co-sign transactions or to generate a replacement key.
- After 60 days, your Uphold key will be permanently deleted and cannot be recovered.
- Your two Private Keys will continue to function normally, but once the Uphold key is deleted, you’ll need to create a new Vault with new Private Keys if you choose to resubscribe.
- You may still transfer assets from your original Vault to a new Vault using your original pair of Private Keys.
If you re-subscribe within six months of canceling, Uphold reserves the right to charge you for the period during which your subscription was inactive.
Yes, Vault supports speeding up transactions. Paying a higher network fee increases the likelihood that your transaction gets processed faster than others in the network. This fee will be deducted from your BTC balance.
Access and Availability
No. The Vault Key, required for signing any transaction, is only stored in the secure enclave of your phone and therefore not available to other devices, such as your desktop.
We intend to support viewing your Vault balance and making deposits from your Uphold account on the web in the future.
This is due to reserve requirements on the XRP ledger - designed to protect it from growing excessively large as the result of spam or malicious usage.
Future Vault functionality may require a different reserve amount, and occasionally the XRPL Validators vote to change the reserve, and/or the transaction fees. Vault will reflect the current active minimums when a user creates an XRP Vault account.
You cannot send the reserved XRP to others, but you can recover some of the XRP by deleting the account.
When setting up a BTC Vault you’re required to deposit at least 0.00001 BTC to cover network costs.