Cryptocurrency storage is one of the building blocks and paramount points of consideration for anyone who’s getting involved in the industry.
Safekeeping assets is of utmost importance, and as such, picking the solution to do it through remains a decision that needs careful evaluation.
CryptX is a digital wallet that claims to provide enterprise custodial services and institutional-grade security.
What is CryptX?
CryptX brings forward an innovative wallet for cryptocurrencies, aimed at solving issues that many businesses who want to accept crypto face.
It’s a simple and yet secure way to store, manage, and accept cryptocurrencies. According to the official website, users’ private keys are stored in Swiss bank-grade Hardware Security Modules (HSM). These are supposedly programmed, manufactured, and operated in Switzerland, which is one of the most crypto-friendly nations in the world.
The wallet’s interface is intuitive and straightforward, and it offers a few essential features to its users. These are perhaps best described through a case study that CryptX shared with CryptoPotato, involving their client Cryptomat – a company dealing with Cryptocurrency ATMs, operating since 2018 and switched to CryptX from BitGo in July 2019.
Some of the advantages that this move provided include:
Each ATM of Cryptomat processes dozens of transactions and circulates thousands of dollars in multiple coins every day. Thanks to SegWit Bech 32, the company was supposedly able to save upwards of 75% by combining large numbers of transactions.
Automation and Risk Management
ATM operators have to maintain the right balance in their holdings to reduce the risk from market volatility. Done manually, this can be very resource-intensive. Through its automated swaps between wallets, CryptX helped Cryptomat without the involvement of third-parties.
Accelerated Transactions and Improved Efficiency
Waiting time remains one of the major drawbacks for people using cryptocurrency ATMs. CryptX can optimize transactions and move coins quickly while ensuring that every transaction is confirmed irreversibly.
Supported Cryptocurrencies and Additional Information
At the time of this writing, CryptX supports over 100 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Litecoin, Ethereum, as well as coins based on the ERC-20 smart contract standard.
Apart from that, some of the features to consider include:
- Wallet access via website and API
- Broad support for tokens, forks, and airdrops
- Automated swapping and currency risk-hedging
- Coin Swap – an Exchange
- SegWit Bech32
- Fast & easy onboarding
- 100% user privacy
In terms of fees, the company charges nothing for depositing and just 0.2% per withdrawal or swap transaction value.
Apart from Cryptomat, another client that CryptX is working with is the first cryptocurrency exchange in the Caucasus region – GEX. In fact, the solution offers easy integration for cryptocurrency exchanges, which, in turn, should save them time and resources to develop a built-in wallet and enable them to focus on their primary services.
Some of CryptX’s market advantages, according to the team, include:
The private keys stay inside Swiss vaults. There is a standard Two-Factor Authentication (2FA), which is among the important security measures to consider when using any third-party service.
This is possible through the support of SegWit transaction batching and other fee management tools that reduce unnecessary expenses.
Users can create simple rules to protect their funds from the serious volatility of the market.
CryptX seems like an appropriate solution for a variety of customers, which may include exchanges, e-commerce stores looking to accept and manage cryptocurrencies, Crypto ATMs, as well as online casinos.
The fact that it supports Bitcoin, as well as Ethereum and ERC-20 tokens, is an added benefit as users are able to keep all of their assets in one place.
Of course, it’s worth noting that you won’t be in physical possession of your private keys, as this is a hot wallet custodial solution intended for frequent transactions.