Bake

The major difference between a private (non-custodial) wallet and an address belonging to a platform (custodial) is the ownership of the private keys.

Your deposit address with Bake is an example of an address belonging to a platform (custodial). Also, deposit addresses on most centralized exchanges (for example Binance, Kraken or Coinbase) belong to a platform (custodial). When an address belongs to a platform, the platform/service owns the private keys and holds your assets in custody.

The DeFiChain Wallet, Metamask or TrustWallet are examples of a private (non-custodial) wallet. With a private wallet, the user alone owns the private keys and has full control over the wallet.<br><br>Please also check the following articles: <br><a href="https://intercom.help/bake-f69a7d7b043f/en/articles/8286178" rel="nofollow noopener noreferrer" target="_blank">Transfer Requirements (‘Travel Rule’) FAQs</a> <br><a href="https://intercom.help/bake-f69a7d7b043f/en/articles/8286183" rel="nofollow noopener noreferrer" target="_blank">How can I withdraw Bitcoin, Ethereum, DeFiChain and Co?</a>

What is the difference between a platform (custodial) and private (non-custodial) wallet?

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