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Wallet Setup

Learn how to create and configure your SafeBank cryptocurrency wallet.

What is a Wallet?​

A cryptocurrency wallet is a secure digital tool that allows you to store, send, and receive cryptocurrencies. SafeBank uses self-custodial wallets, meaning you have complete control over your funds - not us, not anyone else. Only you.

Creating Your Wallet​

After creating your account, you'll automatically be guided through wallet creation:

Step 1: Initialize Your Wallet​

  1. Tap "Create Wallet" on the home screen
  2. Choose your wallet type:
    • Standard Wallet: For everyday use
    • Multi-Sig Wallet: For enhanced security (advanced)

For most users, we recommend starting with a Standard Wallet.

Step 2: Generate Your Recovery Phrase​

Your recovery phrase (also called a seed phrase) is a 12-word sequence that serves as the master key to your wallet.

CRITICAL: Your recovery phrase is the ONLY way to recover your wallet if you lose access to your device. SafeBank cannot recover it for you.

How to Safely Store Your Recovery Phrase​

  1. Write it down on paper (never digitally)
  2. Double-check each word is spelled correctly
  3. Store it securely in a safe place
  4. Never share it with anyone (not even SafeBank support)
  5. Create a backup and store in a separate secure location

DO NOT:

  • ❌ Take a screenshot
  • ❌ Store in cloud storage
  • ❌ Email it to yourself
  • ❌ Share with anyone
  • ❌ Store it on your computer

Verifying Your Recovery Phrase​

To ensure you've correctly recorded your phrase:

  1. You'll be asked to enter specific words from your phrase
  2. Enter them in the correct order
  3. Confirm when complete

Step 3: Create a Wallet PIN​

Set up a 6-digit PIN for quick access to your wallet:

  1. Choose a memorable but secure 6-digit PIN
  2. Avoid obvious combinations (123456, 000000, etc.)
  3. Don't use your birthday or other easily guessable numbers
  4. Confirm your PIN

Step 4: Enable Biometric Authentication​

For maximum convenience and security, enable biometric authentication:

For iOS:

  • Face ID
  • Touch ID

For Android:

  • Fingerprint
  • Face Unlock
  1. Toggle "Enable Biometric Authentication" on
  2. Follow the prompts to scan your face or fingerprint
  3. Confirm the setup

Wallet Features​

Multi-Currency Support​

Your SafeBank wallet supports multiple cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • USD Coin (USDC)
  • Tether (USDT)
  • More cryptocurrencies coming soon!

Each currency has its own address within your wallet.

Wallet Address​

Your wallet address is like your bank account number - it's what others use to send you crypto.

Example Bitcoin address:

bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh

You can find your wallet addresses:

  1. Go to "Receive" in the app
  2. Select the cryptocurrency
  3. Your address will be displayed as text and QR code

QR Code​

Each wallet address can be displayed as a QR code for easy sharing:

  1. Tap "Receive"
  2. Select the currency
  3. Show the QR code to the sender
  4. They scan and send

Security Settings​

Transaction Confirmation​

Configure how you want to confirm transactions:

Options:

  • PIN only: Quick but less secure
  • Biometric only: Fast and secure
  • PIN + Biometric: Maximum security (recommended)

Address Whitelist​

For enhanced security, create a whitelist of trusted addresses:

  1. Go to Settings → Security → Address Whitelist
  2. Add addresses you frequently send to
  3. Enable "Whitelist Mode" to only allow sends to approved addresses

Auto-Lock​

Set when your wallet automatically locks:

  • Immediately
  • After 1 minute
  • After 5 minutes
  • After 15 minutes
  • Never (not recommended)

Backup and Recovery​

Creating Backups​

While your recovery phrase is the ultimate backup, SafeBank offers additional backup options:

Encrypted Cloud Backup (Optional)​

  • Encrypted wallet backup stored in the cloud
  • Protected with your PIN and biometric data
  • Useful for device migration
  • Still requires recovery phrase for complete recovery

Local Backup​

Export an encrypted backup file:

  1. Go to Settings → Backup
  2. Tap "Create Local Backup"
  3. Save the encrypted file securely
  4. Requires password to restore

Recovering Your Wallet​

If you need to recover your wallet on a new device:

  1. Install SafeBank app
  2. Tap "Restore Wallet"
  3. Enter your 12-word recovery phrase
  4. Set new PIN and biometric authentication
  5. Your wallet and funds will be restored

Note: Transaction history is stored on the blockchain and will automatically sync.

Advanced Features​

Multi-Signature Wallets​

For users who need enhanced security:

  • Requires multiple approvals for transactions
  • Ideal for business accounts or shared funds
  • Can set up 2-of-3, 3-of-5, or custom configurations

Learn more about Multi-Sig Wallets →

Hardware Wallet Integration​

Connect your hardware wallet for maximum security:

  • Supported devices: Ledger, Trezor
  • Keep private keys offline
  • Sign transactions on hardware device

Learn more about Hardware Wallets →

Troubleshooting​

Lost Recovery Phrase​

Unfortunately, if you've lost your recovery phrase and lost access to your device, your funds cannot be recovered. This is the nature of self-custodial wallets - not even SafeBank can access your funds.

Prevention:

  • Write down your recovery phrase immediately
  • Store multiple copies in secure locations
  • Never rely on memory alone

Forgot PIN​

If you forgot your PIN but still have access to your device:

  1. Tap "Forgot PIN?"
  2. Use biometric authentication
  3. Create a new PIN

If you don't have biometric enabled:

  1. You'll need to restore your wallet using your recovery phrase
  2. This will reset your PIN

Biometric Not Working​

Solutions:

  • Ensure biometric data is enrolled in device settings
  • Grant SafeBank permission to use biometric data
  • Try re-enrolling your biometric data
  • Use PIN as fallback

Best Practices​

✅ DO:

  • Store recovery phrase offline in multiple secure locations
  • Use strong PIN (not 123456 or similar)
  • Enable biometric authentication
  • Keep app updated
  • Regularly verify backup is accessible
  • Use whitelist for frequent recipients

❌ DON'T:

  • Share recovery phrase with anyone
  • Store recovery phrase digitally
  • Use simple or common PINs
  • Ignore security updates
  • Disable all authentication methods

Next Steps​

Now that your wallet is set up:

  1. Fund your account →
  2. Learn about Tap-to-Pay →
  3. Understand transaction fees →

Questions about wallet security? Contact support@safebank.io