Uphold is releasing a self-custody wallet called Vault that will initially support Ripple's XRP +1.76% token and offer a feature for users afraid of losing their private keys.

The company said that in the past, if a person loses their private keys, their funds are lost forever. With Vault, Uphold said users "can initiate a key replacement that will enable them to recover access to their assets," according to a statement. Uphold's mission with Vault is to provide the "convenience of centralized financial (CeFi) applications ... combined with the security of self-custody."

"Until now, no one has offered self custody that is practical for the ordinary user. With Vault, we’ve stripped away the complexity to give users full control over their assets, without sacrificing the benefit of easy trading on a centralized platform," Uphold CEO Simon McLoughlin said in a statement.

Uphold is first rolling out Vault in beta, with the expectation of a full roll out during early 2024. Uphold also plans to add Bitcoin support during the first quarter of next year.

Launched in 2015, Uphold serves over 10 million customers in more than 140 countries. In the U.S. the company is regulated by FinCen along with state regulators, it also said. Servicing more than 200 currencies, crypto and fiat, Uphold said it has "powered" more than $4 billion in transactions. 

With hacks still prevalent and some faith lost in centralized exchanges in the wake of FTX's collapse, security and protecting one's digital assets continues to be an important issue. On-chain custody protocol Safe (formerly Gnosis Safe) also announced it has teamed up with digital asset banking group Sygnum and recovery service provider Coincover in order to launch an optional crypto recovery service for users.

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