Wello’s wallet is a self-custodial wallet built on an externally owned account (EOA) model. This means that you have exclusive control over your virtual assets through a wallet address and its associated private keys. Wello cannot access your wallet, initiate transactions on your behalf, or control your funds.
This approach differs from traditional financial products, where service providers centrally store and manage your money with the ability to freeze, lend, or control your funds. With Wello, you maintain full ownership of your assets, as the control lies entirely with you through the secure management of your private keys (Secret Key).
Since Wello operates as an EOA wallet, you are solely responsible for the retention and security of your private keys (Secret Key). Failure to back up this information can result in permanent loss of access to your virtual assets.
By choosing Wello, you benefit from the enhanced security and autonomy that decentralized ownership provides, enabling you to buy and sell crypto directly from the address that you fully control.