When a user signs up for the Exa App, a new wallet (a smart contract wallet) is created for them. This wallet can only be controlled by the user. Therefore, the funds in your Exa App wallet will not be held by any third party, and you will have sole control over the ownership of your funds.
To dive deeper, continue reading!
What is a smart contract wallet?
A smart contract wallet is a digital wallet that uses smart contracts on a blockchain to manage and automate transactions, providing enhanced security, experience, and functionality beyond simple fund storage and transfer.
This type of wallet has allowed us to develop a product that mixes the best of Web3, the self-custodial and decentralization aspects, with the UX of Web2.
This is why the contract allows certain transactions on the user's behalf, but, in the end, the control of the funds is still in the user's hands.
If you want to know more about the type of wallets we are implementing and their technical aspects, visit our Medium Article.