How Core Wallet makes crypto self-storage easy

“Not your keys, not your crypto,” is one of the defining slogans of crypto—and it’s only become more prominent over the past year, as the risks of holding crypto on centralized exchanges were thrown into sharp relief by the collapse of FTX.

As user deposits on the doomed exchange disappeared, Google searches for “self-storage” hit all-time highs.

With self-storage, says Akash Gupta, director of product management at Ava Labs, “You own and manage all your assets, and you’re not dependent on anyone else.”

But while self-custody offers a level of control over your own assets that centralized exchange providers may never be able to offer, it often brings with it a level of complexity that can be daunting.

Ava Labs wants to change this with Core wallet, a cross-platform crypto wallet that aims to make fully functional self-custody as easy as holding crypto on an exchange.

Core is a free, non-custodial wallet that doubles as an all-in-one Web3 command center, and supports Ava Labs’ own Avalanche blockchain alongside Bitcoin, Ethereumand all Ethereum Virtual Machine (EVM) compatible blockchains.

“As people migrate from Web2 to Web3, we’re seeing more and more users who want to take control of their own assets.”

Akash Gupta

Within the wallet, users can easily buy crypto, bridge and exchange assets between different blockchains, as well as interact with decentralized applications (dapps), decentralized finance (DeFi), GameFi and NFTs.

“One of the biggest differentiators we offer is an elegantly connected experience across all your devices with simplicity, credibility and ease of use,” explained Akash. “This makes users feel at home and more comfortable moving assets around.”

Streamlining crypto’s user experience

Core Wallet allows users to easily bridge and exchange assets. Image: Ava Labs

Core Wallet allows users to easily bridge and exchange assets. Image: Ava Labs Streamlining the user experience is critical if crypto is to include mainstream users, Akash said Decrypt. That means including features like a simple fiat ramp that uses popular tools like Coinbase Pay and Moonpay.

It also involves gathering several blockchains under one roof. To that end, Akash said, Core was explicitly designed to be multichain; users can seamlessly add favorite networks and subnets that switch automatically as they transact.

“People still have to go through a learning curve,” when it comes to self-storage, he explained, adding, “There are technical challenges today around making sure users are completely comfortable with it.”

To that end, Core has integrated features to address newcomer concerns around security, complexity, and asset recovery.

Core allows users to import and manage their private keys into one secure platform for unified management. This means users no longer need to manage a fragmented workflow with multiple private keys across multiple wallets.

For crypto neophytes, it’s also important to minimize the confusion caused by switching between platforms. That means achieving what Akash called the “triumvirate”.

“This is what we call having a homogeneous experience across web, mobile and your browser extension,” he explained.

What makes Core different?

However, simplicity does not mean skimping on features. Where other self-managed wallets can be bare-bones affairs, Akash highlights how Core’s feature set helps users put their crypto to work for them.

“Users can’t really do much with their Bitcoin as it stands today; But through Core, users can bridge that to the DeFi world and benefit from the returns or borrow against it on Avalanche’s burgeoning ecosystem, he said. Akash claims that BTC.b, the token the Avalanche network uses to represent bridged Bitcoin, has roughly $200 million in circulation, surpassing Bitcoin locked in the Lightning Network.

“We’re seeing a lot of people moving away from older wallets,” he explains. “Either because they’re not EVM-capable and truly multi-chain, or they don’t have an app across all device types, or they don’t have built-in secure bridging capabilities, or they don’t have DeFi and BTC support.”

“Core has cross-chain transaction signing capabilities, making it easier than ever to transact across multiple networks. Users don’t have to worry about manually switching networks or making unforced errors in the process. Another area where Core maximizes users’ experiences is that it automatically enables user inventory; Core recognizes and indexes crypto transfers, displays them in the app, with live integrated price updates.”

“You don’t have to go through the stress and heartache of not actually being able to see token balances in there,” Akash explained. “I know a lot of people have freaked out or had a panic attack when it comes to not being able to see large balances in other wallets.”

NFTs and beyond

Core Wallet allows you to showcase your NFT collection. Image: Ava Labs

Instead of having to interact with a third party NFT marketplace like Magic Eden, Core wallet users can view information about their NFTs directly from their wallet, without leaving the app.

According to Akash, Core is also working on features that will enable Core users to collect and trade NFTs inside the app itself.

This executive believes that Core’s combination of simplified onboarding, ownership of your own assets and a good product support team provides a good starting point for a wider audience looking to get an introduction to self-storage.

“Users increasingly want to control their own assets,” said Akash. “We believe that the transition can take some time, as self-storage awareness grows among certain demographics – however, Core is well-positioned to absorb this growth. Core has something for everyone; whether you are a crypto newbie, an avid Avalanche or DeFi user, a Bitcoin enthusiast or an NFT collector. Core is ready to use right away; come check it out.”

To experience Core for yourself, download Core at Apple App Store, Google Play Store or Chrome Web Market.