Rainbow prides itself in the philosophy of your keys=your coins. Rainbow is a self-custodial wallet which means we never have access to your wallet and your wallet's unique private keys (secret phrase) are generated on your device securely and privately.
We’ve developed Rainbow to be a self-custodial wallet but what does self-custody mean and why is it important? Here, we’ll explain what it means to have full control/access to your Rainbow wallet and best practices throughout the world of web3.
What is self-custody?
Self-custody means that only you have access to your crypto. That’s where our infamous “your keys=your coins” comes into action. You can choose to stay with Rainbow or import your wallet into another wallet provider if you choose. You have 100% control and ability to do what you want! Now, with this also comes an important responsibility to make sure your assets are safe and properly backed up. This means you’ll want to routinely make sure you have your wallet backed up, by using our iCloud/Google Drive feature and by securely storing your secret phrase. Check out our backing up article for additional information:
The Importance of Backups
Keeping your wallet safe, secure, and backed up is essential to wallet ownership. Here we'll chat about why it's important to backup your wallet and the different methods that you can backup with.
Why is having self-custody important?:
Self-custody gives you control and full ownership over your assets without the uncertainty of any additional party. If Rainbow goes out of business, as long as you have access to your private keys, you have access to your funds. No one, not even us, can stop you from accessing your assets and doing whatever you want with them. You have the freedom of choice to fully access and do with your assets as you choose.
At Rainbow, we’re fully dedicated to this experience. We make it extremely accessible to access your secret phrase/private keys at anytime and are here to provide support and troubleshooting without access to any of your sensitive or private information.
Check out our guide here to see just how easy it is to export your phrase:
Export Your Secret Phrase
Your wallet is highly portable and can even be exported to use with another wallet app! You can do this by exporting your wallet's secret phrase.
The future is best accessed through true self-ownership. Rainbow is committed to this vision—we offer a secure, easy-to-use wallet that makes it easy to access the freedom of self-custody.
Protect Your Wallet
One of the best parts of having an Ethereum wallet like Rainbow is that you are in total control of your money. Unlike a bank account from Wells Fargo or a crypto exchange like Coinbase, we do not hold your assets on your behalf. Instead, your money is actually yours thanks to the power of cryptography.