What is a self-custodial wallet?

On Parallax, the balance of your funds is in the form of USDC, held in self-custodial wallets.

A self-custodial wallet is a type of digital wallet that gives you full control over your financial assets. Unlike traditional bank accounts or wallets hosted by third parties, where the service provider maintains control over the keys necessary for accessing the assets, a self-custodial wallet allows you to retain exclusive access to your wallet's keys. This means you have sole responsibility for the security and management of your assets.

The big benefit of self-custodial wallets for you: Only you have sole access to the funds in your balance. No one else can touch these funds, without your explicit permission via your PIN code and through logging into your Parallax account, ensuring that your funds are kept safe.