In the rapidly evolving world of cryptocurrency, securing your digital assets is paramount. While popular wallet apps like Metamask and Rainbow offer built-in backup features, relying solely on these methods may not be the wisest choice for long-term asset protection. Let's explore why these built-in backup systems fall short and how Solokey provides a more secure alternative.

1. The Uncertain Future of Wallet Apps

When you use a wallet app's built-in backup system, you're essentially entrusting your financial future to a company that may not stand the test of time. Consider this:

• Will the app still exist in 1, 5, or even 20 years?

• Will it be maintained and accessible when your crypto assets have significantly increased in value?

• Can you be certain the app and its security won't be compromised in the future?

The crypto landscape is constantly changing, and there's no guarantee that today's popular wallet apps will remain relevant or secure in the long run.

2. The Password Dilemma

Built-in backup systems often rely on passwords, which introduce several vulnerabilities:

• You need to choose a strong, unique password that you don't use elsewhere.

• This password becomes another target for attackers.

• Wallet apps must ensure ongoing password security.

• You have to remember multiple pieces of information: the password itself, which app you used for backup, and which wallet is backed up in which app.

Solokey simplifies this process by aggregating all your wallets and assets in one easy-to-use, password-free place. Our app boasts biometric-based Passkeys and third-party-approved security measures, providing peace of mind without the hassle of managing multiple passwords and backup locations.

3. The iCloud Encryption Weakness

Some wallet apps use iCloud-based encryption for backups. While this may seem convenient, it introduces a significant security risk:

• If an attacker gains access to your Apple password, your crypto wallet recovery phrase(s) could be exposed in plaintext.

• This vulnerability effectively reduces the security of your crypto assets to the strength of your Apple account password.

In conclusion, while built-in backup features of popular wallet apps may seem convenient, they come with significant long-term risks and security concerns. Solokey offers a more robust solution by centralizing your wallet management, eliminating password-related vulnerabilities, providing a true self-custody experience, and ensuring superior, third-party-verified security measures. Don't leave the safety of your growing crypto assets to chance – choose a solution designed for long-term security and ease of use.