Crypto APIs is glad to introduce a new backup & restore functionality to its Wallet as a Service (WaaS) that adds an additional layer of security to all wallet accounts.
Customers can use the free open-source Disaster Recovery Tool to generate RSA key pairs, create an encrypted backup and later recover their wallet. The backup file is stored offline in a preferred location and serves as proof of ownership when it comes to user verification.
The newly introduced feature ensures that all wallet holders can restore their funds in case of unexpected circumstances. The recovery tool is integrated with Crypto APIs Dashboard and can be set up quickly in a few steps.
Read the full setup guide here.
Not Your Keys, Not Your Coins
The Disaster Recovery Tool is designed to protect users, so they never have to worry about their funds. In case of an emergency that may occur, users can always get access to their encrypted wallet backup using the offline tool.
Securing digital wallets with a backup is essential as it protects against any technical failures or human mischief. Any vulnerability in a network or a computer can potentially pose a risk to a wallet if it is not encrypted.
Crypto APIs recovery tool generates RSA key pairs - a public key and an encrypted private key. The public key is used in the Dashboard to backup the wallet, while the private key is required in the process of recovering wallet data. If all of the information is correct, the tool will display the Master Private key (xPriv) which can then be used to restore the wallet.