[PR – London, United Kingdom, 10th December, 2022, Chainwire]
Pillar’s latest release for its non-custodial cryptocurrency wallet ships with a sophisticated recovery mechanism that protects user funds without compromising security. Other game-changing updates include in-app cross-chain swaps and meta-transactions, which allow users to pay for gas fees on any chain with stablecoins housed on any other chain.
The security that is a major benefit of non-custodial wallets is also a user’s main risk. Should they lose their private or public key, there is no other way to regain access to the wallet. People often lose access to their funds because their private key was written on a scrap of paper and got lost.
Pillar Wallet solves this single point of failure without compromising security through a sophisticated and fully decentralized mechanism. The private keys to a Pillar Wallet are secured by a smart contract, meaning that if the owner loses access to it, they can still recover their funds. At the same time, Pillar never retains knowledge of the private key.
A community-run, multichain DeFi wallet, Pillar supports Ethereum, Polygon, Gnosis Chain, BNB Chain, and Optimism with more coming. Pillar Wallet is powered by Etherspot SDK. While private key wallets are usually free, smart wallets come with a small cost, as a smart contract must be deployed on the blockchain. However, Pillar Wallet offers to deploy Polygon and Gnosis wallets for free, covering all deployment fees.
Users of Pillar Wallet can:
- Store, buy, send, trade, and swap assets with low-to-no gas fees on numerous EVM-compatible chains within the app
- Buy crypto directly on Ethereum or Polygon with card or bank transfer via implemented on-ramps
- Move funds seamlessly between different EVM chains without the need for external bridging apps
- Perform cross-chain swaps without gas tokens on the destination chain. Users can cover gas fees with any stablecoin they have in their wallet on any chain (Meta-transactions)
- Use Wallet Connect to interact with a wide range of supported DeFi applications directly within the in-app browser
Pillar is a fully decentralized, open-source, non-custodial, and community-run wallet. Users are free to join the Pillar DAO, help manage the project’s treasury, make proposals to the DAO and shape future developments.
About Pillar Wallet
Pillar Wallet is a next-generation crypto wallet that stores your cryptocurrencies securely and provides you with the same level of comfort as any custodial wallet. Its advanced smart contract design supports account recovery without exposing the private key to any third party including Pillar.
Learn more: https://www.pillar.fi/