Hosted wallets are digital cryptocurrency wallets provided by trusted third parties that keep users’ private keys and funds safe. These third parties are usually cryptocurrency exchanges. Coinbase and Binance are two well-known examples.
Hosted wallets share similarities with centralized banking applications because they leverage two-factor authentication and password recovery. They are also custodial, meaning that users don’t retain control of their private keys.
Q: What is a Hosted Wallet?
A: is a digital wallet in which your private keys are stored. In exchange, the wallet takes care of the backup and security of your funds.
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