Enabling Self Custodial Wallets — Turnkey Partnership
Introduction
We are excited to announce a new technical partnership which we expect to provide significant value to the community as a whole and propel the adoption of crypto trading!
In this blog post, we will dive into what Turnkey is and why this partnership is important for TokenSight and beneficial for our users.
What is Turnkey?
Turnkey.com is a platform that offers secure management of private keys across blockchains. With Turnkey, users can enjoy a range of key features while ensuring they have full self custody at all times. Those features include:
- Scalable wallets: Ability to quickly create numerous self-custodial wallets.
- Flexible transaction signing: Suitable for complex crypto products.
- Security controls: Fine-grained policies and approval workflows for full protection of the assets and granting only needed permissions to third parties, with immutable audit trail.
- Advanced and secure key storage: All execution is done in a secure and isolated environment for enhanced private key security.
- Passwordless authentication: Utilisation of hardware-based WebAuthn signatures for high-security authentication.
Why is the partnership important for TokenSight?
We’re creating a secure trading platform where you’re in complete control of your digital assets. Only you can approve any actions related to your assets. Our aim is to make trading easy for you — no need to worry about technical details. You can do all your on-chain activities effortlessly with a smooth, simple, and friendly interface.
Our first step in giving you full control is adding Turnkey to our platform. This self-custodial experience isn’t just for crypto experts trading on decentralised exchanges — it’s for everyone, even those used to trading on other centralised exchanges, which we plan to onboard soon. We want to level the playing field for everyone!
Now, instead of just creating regular wallets in TokenSight, you can create self-custodial wallets where your private keys stay private. They’re not shared with us, Turnkey, or any other platform we use. This is a big deal because even if there are security issues, your funds stays safe.
You’re always the only one in charge of your funds!
Here’s how it works:
- Your Keys, Your Funds: With our integration with Turnkey, you can set up self-custodial wallets where your private keys are never exposed neither to TokenSight, nor Turnkey or any third-party platform. This key feature ensures that regardless of any security breaches, your funds remain secure, and you always remain the sole custodian of your assets.
- User-Friendly Security: Create wallets with your passkeys, allowing you to use familiar authentication methods like FIDO keys, TouchID, or FaceID. It’s simple, convenient, and tailored to your preferences.
- Limited Permissions, Maximum Security: You’re in full control of your wallets. TokenSight only requests a limited set of permissions to perform specific trading actions on your behalf, ensuring that your financial control stays firmly in your hands.
- Your Wallets, Your Way: You can always export your wallets via a secure and encrypted context, without any interaction with TokenSight.
- Safety First: Even in the unlikely event of TokenSight being compromised, rest assured that your funds are safeguarded. They cannot be stolen or transferred to another wallet without your explicit authorisation.
As we have an exciting roadmap ahead of us, this integration is only the starting point. It serves as a catalyst towards the next stage of introducing AA wallets, which should simplify the user experience even more and most importantly, provide more options to our users that they can choose from for protecting their assets.
Stay tuned for more updates as we continue to work closely with Turnkey to bring you the best possible solutions and enhance your experience with TokenSight!
About TokenSight
TokenSight is a decentralized exchange (DEX) trading platform that enables secure and efficient trading with features such as trade orders, copy trading, and alerts.
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