Uphold is launching Vault, a self-custody wallet designed initially for Ripple’s XRP token, offering a safety feature for users concerned about losing their private keys.

Traditionally, losing private keys meant permanently losing access to funds. However, Uphold claims that Vault will allow users to replace lost keys, enabling them to regain access to their assets. The aim of Vault is to blend the convenience of centralized financial applications with the security of self-custody.

According to Uphold CEO Simon McLoughlin, Vault eliminates the complexity associated with self-custody, providing ordinary users full control over their assets without compromising the ease of trading on a centralized platform.