00:00Now in crypto, there are two different types of wallets. There's a custodial wallet and a
00:04non-custodial wallet. A custodial wallet is where another company, like Robinhood in this case,
00:10in their main app, houses your private keys. They control it. That means they have the passwords
00:15and access to your money. The benefit of a custodial wallet is that you don't have to
00:18worry about backing up your accounts and passwords because that's already done for you. But the
00:23downside is you lose full control over your crypto and all the things you can do with it.
00:27Now this new app, Wallet, is considered a non-custodial wallet because it's you
00:31and you alone that has access to your private keys.
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