Custody
By Cryptomcmillan1 | Updated on May 24, 2020
In the context of cryptocurrency, a "custodial" asset means an asset is placed under the care of a third party. This is similar to how banks have custody over their customer's funds. A Custodial Wallet refers to a wallet whose private key management falls under the care of a company. Examples of Custodial wallets include Coinbase, Nexo and other wallets where users do not have access to their private keys.
Related Terms
Block Confirmation
Refers to the number of confirmation a particular block has. Each block ahead of the referenced block adds one block confirmation to it.
Mnemonics
Mnemonics are memory aids with a system such as letters or associations that help in recall. *see Mnemonic Phrase.
Watchlist
A personally defined list of values to watch over for activity or changes.
Halving
Event that serves to reduce in half the reward of the Proof-of-Work miners that operate in the blockchain network.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.