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

Flappening

Flappening is a term used to describe Litecoin growing bigger and becoming more valuable than Bitcoin Cash (BCH). It is spawned from the term Flippening (used when another crypto overtakes Bitcoin).

REKT

A shorthand slang for “wrecked”, typically describes bad trades that results in losses.

Sim Swapping

It is a tactic where hacker overtake the mobile phone to exploit the two-factor authentication and two-step verification.

Mining

It is the process of the miners verify and adding transaction recors into a block.

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