This question gets asked quite a lot. The answer is “No”, Wallacy, and even other decentralized wallets, don’t hold your funds!

So why? An interesting truth is that your funds are completely not on the wallet app. They are actually located on the blockchain network itself. The app only enables you to access a wallet address and conduct transactions out of it by using your secret Recovery Phrase. In other words, Wallacy is just a bridge to the blockchain that it is connecting to.

Since funds can be accessed on any other decentralized wallet by your recovery phrase, it’s crucial to safeguard it. If you lose your recovery phrase to someone, they can gain access and take full control over your crypto.