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Is Freebnk decentralized or centralized? hot or cold wallet?

Freebnk is a financial movement, and we are actively working on adding many features. At the moment, Freebnk is one of the most secure MPC wallets available on the market. However, we frequently get asked whether Freebnk is centralized or decentralized cold wallet or hot wallet application. We would like to address that Freebnk is a hybrid application that aims to combine the best features of both centralized and decentralized platforms. For instance, why do people choose to use MetaMask? Is it because of the best prices, enhanced security, or excellent customer service? Not necessarily. The primary reason is its user-friendly interface. However, it still requires users to manage different wallets for each blockchain, necessitates gas tokens for executing exchanges, and lacks true cross-chain capabilities. This results in a less-than-ideal customer experience.

Regarding security, while users can secure their funds with a complex seed phrase, the responsibility falls entirely on them. If they get hacked or lose their key, or if something happens to them and no one else has access to their key, the funds become inaccessible. Similar wallets like Zerion and Atomic Wallets share these limitations. It’s essential to consider these factors when evaluating the overall user experience and security of such applications.

When it comes to centralized wallets like BitGo and Coinbase, access to the decentralized world is quite restricted. Information about transactions is very limited unless you are withdrawing. You can’t access blockchain data for transactions easily. There’s also limited access, especially to altcoins. Price-wise, you rely on their liquidity pool. You don’t have your private key, so trust is essential. In events like those seen with FTX, you risk losing your funds. However, they offer good customer services and a more secure environment, especially for beginners. Nevertheless, opportunities are very limited When comparing cold wallets like Ledger and Trezor, they are considered the safest among other wallet options. However, they come with the complexity of seed phrases. These wallets are physical, requiring careful storage to prevent damage or exposure to moisture. Additionally, if you fail to back up your seed phrase and it gets damaged or lost, it can lead to irreversible consequences. To execute exchanges, you need to use dApps or other software, as recent events with Ledger have shown that even these supposedly secure devices may not be entirely foolproof.

Freebnk offers a unique and user-friendly approach, prioritizing security and customer satisfaction through Mpc wallet technology, eliminating the need for a seed phrase.

We support a vast array of tokens — up to 12,000 — from nearly all chains. With Freebnk, there’s no requirement for a separate wallet for each blockchain, and you don’t need gas tokens or seperatly pay gas fee; we handle everything for you. You only pay a simple fee from the transaction, deducted from token.

Whether on the same chain or cross-chain, executing transactions is simple. Our in-app customer service is available 24/7, providing a direct line to an actual human representative for swift solutions. You can view blockchain data for all executed transactions. Freebnk is connected to over 300 DeFi liquidity sources and aggregators, ensuring competitive pricing.

We continually add decentralized opportunities, soon providing access to staking through our curated DeFi staking pools, offering optimal returns. Freebnk introduces you to all decentralized finance opportunities seamlessly within our secure app. While sharing your private key with us is a trade-off, our MPC technology ensures security, and you benefit from a $30 million insurance coverage against hacks and cyber attacks. Our inheritance plan also ensures access for your loved ones in case of unforeseen events. In the future, we will extend portfolio insurance coverage in case anything happens to Freebnk.We believe that Freebnk’s hybrid model is necessary for mass adoption

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