Hosted Wallet is a hosted crypto wallet is a digital wallet in which your private keys are stored. In exchange, the wallet takes care of the backup and security of your funds.
In comparison to other crypto wallets, a hosted wallet is more similar to regular banking apps — you can always regain access to your assets, even if you have forgotten your password, mnemonic phrase or lost your phone. Other types of wallets do not provide this possibility. In the event that you lose access to your credentials or a device on which the wallet is installed, you will lose your funds.
Tags #Crypto Glossary