Venly Wallet Transitioning to Non-Custodial
At Venly, we are committed to providing the best experience for our users while ensuring the highest standards of security. To that end Venly Wallet is transitioning to a non-custodial setup, effective October 1st 2024.
Security is our top priority, and we're taking significant steps to enhance the protection of the +4 million wallets in our system. Starting in October, we're implementing changes to ensure that not even Venly can access your wallet. This is a crucial move to safeguard your assets. In combination with this change, we're introducing multiple recovery methods for our users. While Venly will continue to manage your wallet infrastructure securely, we will no longer have the capability to recover any PIN in case it is lost. Your security and control are paramount to us.
In simple terms, a non-custodial wallet means that you, as the wallet owner, have full control and responsibility for your wallet's security. Venly will no longer have access to your wallet's recovery codes or be able to restore your wallet in case you lose access.
What Does This Change Mean for You?
Enhanced Security: With a non-custodial wallet, you have greater control over your funds and wallet security. You are the sole custodian of your recovery codes, making it even more secure.
Ownership and Control: You have complete ownership of your wallet, and no third party (including Venly) can access or recover your wallet without your consent.
Login to https://wallet.venly.io
Click "Start migration"
Generate an emergency code, which will allow you to access your account when you've forgotten your PIN
Enter your PIN for confirmation
Safely secure your emergency code and verify via the checkbox that you have successfully done so
You have migrated successfully!
Upon logging in, Venly will check if your wallet is custodial or non-custodial. If your wallet is custodial, we prompt you to migrate. If your wallet is already non-custodial, you can continue to use your wallet.
We understand that this transition may require some adjustment, and we are here to support you throughout the process! If you have any questions or need assistance, our dedicated support team is ready to assist you. Just reach out to us via the live support chat, and we'll do our utmost best to guide you through the process.
At Venly, our commitment to your security is unwavering. The transition to non-custodial wallets is a significant step towards providing you with the safest and most reliable wallet experience. We appreciate your cooperation in ensuring the security of your Venly wallet and look forward to continuing to serve you better.
Warm regards,
Venly Team
Why the Transition?
Security is our top priority, and we're taking significant steps to enhance the protection of the +4 million wallets in our system. Starting in October, we're implementing changes to ensure that not even Venly can access your wallet. This is a crucial move to safeguard your assets. In combination with this change, we're introducing multiple recovery methods for our users. While Venly will continue to manage your wallet infrastructure securely, we will no longer have the capability to recover any PIN in case it is lost. Your security and control are paramount to us.
What is a Non-Custodial Wallet?
In simple terms, a non-custodial wallet means that you, as the wallet owner, have full control and responsibility for your wallet's security. Venly will no longer have access to your wallet's recovery codes or be able to restore your wallet in case you lose access.
What Does This Change Mean for You?
Enhanced Security: With a non-custodial wallet, you have greater control over your funds and wallet security. You are the sole custodian of your recovery codes, making it even more secure.
Ownership and Control: You have complete ownership of your wallet, and no third party (including Venly) can access or recover your wallet without your consent.
Getting Started
Login to https://wallet.venly.io
Click "Start migration"
Generate an emergency code, which will allow you to access your account when you've forgotten your PIN
Enter your PIN for confirmation
Safely secure your emergency code and verify via the checkbox that you have successfully done so
You have migrated successfully!
Upon logging in, Venly will check if your wallet is custodial or non-custodial. If your wallet is custodial, we prompt you to migrate. If your wallet is already non-custodial, you can continue to use your wallet.
We're Here to Help
We understand that this transition may require some adjustment, and we are here to support you throughout the process! If you have any questions or need assistance, our dedicated support team is ready to assist you. Just reach out to us via the live support chat, and we'll do our utmost best to guide you through the process.
In Conclusion
At Venly, our commitment to your security is unwavering. The transition to non-custodial wallets is a significant step towards providing you with the safest and most reliable wallet experience. We appreciate your cooperation in ensuring the security of your Venly wallet and look forward to continuing to serve you better.
Warm regards,
Venly Team
Updated on: 18/09/2023
Thank you!