Sling Money is a self-custody wallet. Your money is stored in your Sling Wallet.
All money stored in your Sling Wallet is secured using a private cryptographic key which only you can access. A cryptographic key is a string of characters used to keep your wallet secure.
Sling Money cannot:
Access your wallet
Initiate transfers on your behalf, or
Control or access the money in your wallet
Why this makes Sling Money different
This is different from most financial products you may have used before, where money is stored by the service provider in a centralized ledger. That service provider may freeze your money, lend out your money, or otherwise manage money on your behalf.
Avian Labs, the makers of Sling Money, have no access to your money whatsoever. You are entirely in control.
Sling Money runs on the Solana blockchain platform, which is known for its speed and security. Your Solana key used by your Sling Wallet is generated on your device during setup of the app. This key is:
Securely stored on your device
Encrypted with a secure key from your device, and
Protected with your biometrics (Face ID or fingerprints)
Your key is backed up using a third-party service called Evervault. The backup is encrypted and the encrypted backup is stored separately from the decryption key.
You can take your Sling Wallet to any other provider at anytime by exporting your private key from Evervault and then importing it into other wallet software such as Phantom.
To do so, tap on your avatar photo in the app, then tap 'More', and export your key.