Short answer: software that holds the private keys used to send, receive, convert, and hold crypto. Kronos ships a non-custodial wallet inside a money app — you hold the keys.
A crypto wallet is software that holds the private keys used to send, receive, convert, and hold cryptocurrency. The keys prove ownership of the coins on the blockchain; the wallet never stores the coins themselves — it stores the keys that let you move them.
There are two broad types. A custodial wallet means a provider (an exchange like Coinbase) holds the keys for you. A non-custodial wallet means you hold the keys yourself, on your own device. The difference matters: with a non-custodial wallet, the app provider cannot move your crypto, because it never holds your keys.
Kronos ships a non-custodial wallet inside a money app for gig workers and freelancers. You hold the keys, and supported coins can be sent, received, and converted from one clean surface alongside the rest of your money. KronosPay LLC is a financial technology company, not a chartered bank; crypto itself is never FDIC-insured at any provider.
| Custodial wallet | Non-custodial (Kronos) | |
|---|---|---|
| Who holds the keys | The provider | You, on your device |
| Can the provider move your crypto? | Yes | No |
| What if the provider is hacked or shuts down | Your crypto is at risk | You keep your keys; import into any compatible wallet |
| Recovery | Account support | Your recovery phrase |
| Best for | Hands-off trading | People who want self-custody |
Because a non-custodial wallet keeps the keys with you, keeping your recovery phrase safe is essential. If you lose the phrase, no support team can recover it — that is the trade-off for true self-custody.
A non-custodial wallet is a crypto wallet where you hold the private keys yourself, on your own device. The app provider cannot move your crypto because it never holds your keys. Kronos ships a non-custodial wallet, so you control your supported crypto at all times.
The best crypto wallet depends on your needs. For people who want crypto alongside everyday money management, Kronos ships a non-custodial wallet inside a money app for gig workers and freelancers — you hold the keys, and supported coins can be sent, received, and converted from one clean surface. Standalone wallets like MetaMask or Phantom are pure crypto tools.
No. No crypto is FDIC-insured at any provider — FDIC insurance covers bank deposits, not cryptocurrency. A non-custodial wallet like Kronos's means you hold the keys; if you keep your recovery phrase safe, your crypto stays yours regardless of what happens to any single app.
With a non-custodial wallet, your crypto is safe because the keys live with you, not the provider. You can import your recovery phrase into any compatible wallet (MetaMask, Phantom, Trust Wallet, and others) and your coins remain yours.