What is Lofty Wallet?
Lofty Wallet is your user-friendly passport to the world of Web3, DeFi, and crypto.
It is an Algorand-based crypto wallet that you own and control (your keys, your wallet), created for you when you sign up with Lofty.
It functions just like a self-custodial wallet that you could create via Pera Wallet, Metamask, etc. — but Lofty Wallet comes with perks. It leverages new technology to protect you from bad actors while also making wallet management easier than ever.
What are the benefits of Lofty Wallet?
Easy to Use
Lofty Wallet streamlines a multitude of wallet management actions required by traditional self-custody wallets (e.g. Pera Wallet):
It eliminates the need for you to set up a crypto wallet before using Lofty
It automatically opts in to new property tokens that you invest in
It automatically opts in to every cryptocurrency supported on Lofty
It automatically authenticates transactions that you execute in Lofty without requiring additional signing via an external wallet app
It is automatically verified for use in Lofty’s secondary market
Secure and Controlled by You
Lofty Wallet gives you peace of mind with multi-signature (aka "multi-sig") technology. There are two keys (passphrases), one held by you and one held by Lofty.
Unlike a Custodial wallet, under no circumstance can you be locked out of your wallet since you have keys, and the keys cannot change
If your keys are lost or compromised, you can still access Lofty Wallet via your Lofty Account and transfer your assets to a new Lofty Wallet or external wallet (contact Lofty support immediately if this happens)
If you choose to withdraw rental income as cryptocurrency, you know that you are sending it to a trusted wallet, removing the risk of sending rental income to the wrong wallet or a wallet that you can no longer access (it happens!)
Lofty Wallet uses a 1/2 multisig approach so that you can take action on your wallet without needing Lofty's set of keys, which are encrypted and safeguarded similar to how your bank would secure your bank account.
As with a self-custody wallet, you still need to protect your set of keys, but Lofty Wallet offers a security improvement over the options most people use today.
Flexible
Lofty Wallet makes it easy to enjoy the benefits of blockchain technology.
Just like any other self-custody crypto wallet, Lofty Wallet can be used for transactions outside of Lofty, and you can add Lofty Wallet to other Algorand wallet managers.
Legacy Wallet Options vs. Lofty Wallet
Considerations | Custodial (e.g. Coinbase) | Self Custody (e.g. Pera Wallet) | Multi-Sig (e.g. Lofty Wallet) |
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How Can I Transfer Assets to Lofty Wallet?
What Happens if I Lose Access to my Tokens?
If you ever lose your property tokens or are the victim of a hack or phishing attack, you will be able to get those tokens back once Governance 2.0 launches at the end of 2023. It will be as easy as calling a vote that your fellow co-owners participate in to burn and re-issue the tokens in your property.