With Sling you own and control the funds in your wallet. Access to your wallet is controlled using a private cryptographic key which is securely generated on your phone and stored on your phone, protected by your phone’s special cryptographic security system and your biometrics or PIN code.
When you generate your keys and sign up for a Sling account your keys are also backed up in an encrypted form in case you lose your phone. This is done in partnership with a company called Evervault, a provider of secure computation services, to support the encryption and backup of your private key.
Your wallet can only be accessed with this private key and no one other than you can access it, including Sling. This means you are always in control of your wallet. Wallets that work like this are known as “self-custody” wallets.