What are Custodial Wallets?

A crypto custodial wallet is a type of digital wallet that is used to store and manage cryptocurrencies. It is called a "custodial" wallet because the wallet provider has custody of the private keys associated with the wallet. This means that the user cannot control their cryptocurrency and must trust the wallet provider to manage their assets securely. To use a custodial wallet, the user typically creates an account with the wallet provider and transfers their cryptocurrency to the wallet.…