ToriWallet Review (Utopia Labs' New Self Custodial Wallet)

ToriWallet Review (Utopia Labs' New Self Custodial Wallet)

ToriWallet Review (Utopia Labs' New Self Custodial Wallet)

Tori is an invite-only platform connecting you to crypto applications. By partnering with industry-leading blockchain apps, like Aave, you’ll receive access to DeFi rates while keeping your assets secure.

ToriWallet Review (Utopia Labs' New Self Custodial Wallet)

    Their ToriWallet keeps your funds safe, as it requires biometric data and private keys to access. Unlike other platforms, where fees are confusing, Tori remains upfront. By displaying earning rates after fees, users gain a more transparent, accurate view of their earning potential.

    Tori Wallet’s Key Features

    There are a few key features of Tori that make it stand out against competing platforms.

    Self Custody

    ToriWallet is a self-custody wallet, also referred to as a non-custodial wallet. This gives you complete control over your digital assets. Tori will never custody your funds, unlike other centralized companies like Celsius or BlockFi.

    Being self-custody has a few benefits:

    • Complete control over your assets. You’re able to send, receive, and trade assets without needing a third party.
    • No one can access your funds without your explicit permission.
    • You can engage with dApps, or decentralized applications.

    Plus, because you maintain full control and access, if Tori were to ever shut down, your funds would be safe.

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    Security Features

    When you create a Tori account, you’re prompted to sign in with Apple Face ID or an iCloud username and password. These login methods use your biometric data for verification, making them incredibly secure.

    Within your Tori account, Utopia Labs embeds a non-custodial wallet into your account. This wallet, your ToriWallet, contains your private keys and seed phrase.

    This information is encrypted in flight in a Turnkey Secure Enclave. This means your private keys are stored securely without you needing to manage them elsewhere. Plus, only you have access to this information. Neither Turnkey nor Tori have access to this information.

    On other platforms, you’d need to manage your private keys and seed phrases yourself. If you lost your private key, you could lose access to your investments assets forever.

    Given ToriWallet’s security measures, the chance of this happening is much lower. That said, you should still back up your private key for good measure.

    Easy-to-Use and Transparent

    Tori makes using DeFi simple. The platform is intuitive, user-oriented, and straightforward. The process to sign up and deposit funds couldn’t be simpler. This makes the platform great for both beginner and experienced crypto users.

    Another thing we love about Tori—the transparency. On Tori’s website, you’ll find information about the risks, fees, and APY/yield displayed upfront. [Suggest adding an embedded link here to the TOS]

    For example, within the FAQ section, Tori explains how they make money. They explain that the advertised rate reflects earnings after fees. This makes it simpler for users to estimate their potential earnings. This is unique, given that some platforms display rates before fees, giving an unrealistic perspective of the true earning potential.

    There are no deposit or withdrawal fees or limits. When you earn from Aave, Tori takes a small percentage, which you’ll find advertised within the platform.

    Access to DeFi’s Higher APYs/Yields Than Similar Platforms

    Tori’s mobile app connects users to crypto applications like Aave. These applications coordinate the lending and borrowing of digital dollars, like the Dai Savings Rate.

    As an investor user, you’d serve as a lender, depositingcontribute your crypto holdings into Aave. The earnings contributed assets go into lending pools, which other investors users can borrow against. Borrowers’ interest payments become the return for lenders users like you.

    The higher the demand for borrowing, the higher the yield will can be. These rates are variable and are not risk-free. However, Dai has been a product in the industry for over nine years. While there’s always risk in investingthe crypto industry, you aren’t investing in using new, unknown products—you’re investing using in well-known stablecoins.

    At the time of writing, there is a 9.43% earn rate with Aave, which can fluctuate at any moment.  The average 30-day earn rate will give you a better picture of your potential earnings. That said, the rates displayed account for Tori’s percentage fee deduction, so the rate you see is the rate you’re likely to get.

    Solid Referral Program and Bonuses

    Tori offers a few extra ways to earn via their referral program, referral boosts, and deposit bonuses.

    For example, Tori offers a Give $50, Get $50 referral program. When you refer a friend, they’ll receive $50 and you’ll receive $50. They also offer a 10% APY boost for seven days when you refer a friend. The more friends you invite, the more your APY boosts—with no upper limit.

    At the time of writing, Tori also offers a $500 bonus when you deposit $10,000, or a $250 bonus when you deposit $5,000. If you deposit $1,000, you’ll receive a $50 bonus.

    What Users Are Saying

    As we write this review, the platform is still new. However, early users already rave about the platform, saying it makes it a “breeze to manage [their] USDC” even as a novice investoruser. Others say it offers the “best experience [they’ve] ever had,” and that “Tori has figured out a way to make crypto easy to use and instantly useful.”

    How to Sign Up for Tori Wallet

    It’s simple to sign up for Tori. Head to the Apple App Store and search for Tori. Download the app, then follow the prompts on screen to create your account. This includes agreeing to the terms and conditions, verifying your identity, and depositing funds into your account. At the moment, Tori is unable to verify US resident addresses in New York and Florida.

    After verifying your identity, you’ll have the option to deposit funds. That said, if you’d prefer to peruse the platform before depositing funds, you can do so. Within your account, you’ll find a dashboard for viewing your investments holdings and earnings, along with information about your private key and seed phrases.

    Final Verdict: Our Honest Thoughts

    Tori offers an innovative yet simple way for users to invest in access DeFi cryptocurrency. Given the level of transparency, the depth of the security measures, and the ease of accessing customer support,  the platform is trustworthy and safe.

    For investors users new to DeFi, Tori provides an approachable interface, making it a great place to dip your toes into investing in using crypto. For experienced investors users, the platform provides a seamless experience and a secure self-custodial wallet to store your private keys.

    Frequently Asked Questions:

    What is a self-custody wallet and how does ToriWallet ensure security?

    A self-custody wallet, like ToriWallet, allows you to have complete control over your digital assets without the need for a third party. ToriWallet enhances security by requiring biometric data (such as Apple Face ID) for access and encrypting private keys within a secure enclave, ensuring that only you can access your funds.

    What makes ToriWallet stand out from other cryptocurrency platforms?

    ToriWallet is distinct because it provides full transparency about fees and earning rates, offers a user-friendly experience suitable for both beginners and experienced users, and emphasizes strong security measures. Unlike some platforms that may hide fees or use custodial wallets, Tori ensures users have complete control and a clear understanding of their potential returns.

    Can I interact with decentralized applications (dApps) using ToriWallet?

    Yes, ToriWallet allows you to interact with various decentralized applications (dApps), enhancing your ability to engage directly with the blockchain ecosystem. This capability is crucial for users looking to utilize blockchain technology beyond simple transactions, such as participating in decentralized finance (DeFi) platforms or other blockchain-based services.

    What are the benefits of ToriWallet’s transparent fee structure?

    ToriWallet provides an upfront display of earning rates after accounting for any fees, offering a transparent and honest view of what you can expect to earn. This approach helps eliminate the confusion often associated with hidden fees in other platforms, allowing you to make better-informed decisions about your investments.

    How does the referral program work with ToriWallet?

    ToriWallet’s referral program offers mutual benefits; you and your referred friend each receive $50 when they join. Additionally, referring friends can boost your Annual Percentage Yield (APY) by 10% for seven days, with no upper limit on the number of friends you can invite. This program not only enhances your earning potential but also encourages community growth and engagement.

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